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The President of the European Commission, Barroso, replied to a joint letter by UNI Global Union and IOE (International Organisation of Employers) that was also addressed to the President of the European Council, the heads of the UN, WTO, OECD, IMF, World Bank, FSF and the British Prime Minister as then chair of the G20.



In their letters, UNI and IOE set out the conclusions of the Global Dialogue Forum on the Financial Crisis that was held within the framework of the International Labour Organisation (ILO) from 24 to 25 February 2009. In particular, the trade union and employers’ representatives from the finance industry, as well as governments, emphasised that due account must be taken of the social and labour dimension in the international debate on improving the regulation of and stabilising financial markets.



In the reply, the President underlines that the human dimension of the crisis and efforts to mitigate its severe employment and social impact lie at the core of the Commission's response to the crisis.



He stresses that the social partners and social dialogue play a crucial role in the search for solutions, which need to be prompt, innovative and effective as well as addressing the longer-term strategic challenges of fostering sustainable development, prompting EU industry's competitiveness and fighting poverty and social exclusion.



The Commission is stepping up its efforts to strengthen European social dialogue in this area, including through further development and promotion of social dialogue at sectoral level and improved systematic consultation of sectoral social dialogue committees on EU initiatives with social implications.



Barroso noted the similar approach taken by the ILO Global Dialogue Forum with EU economic recovery plan priorities regarding skills development and active labour market policies.



In the letter, he also emphasises that the crisis calls for even stronger efforts to shape globalisation. The Commission is deeply committed to the decent work agenda and its promotion through concerted international action. It has supported the need to address the social dimension in various forums such as April's G20 summit. He sees the G20 outcome as very encouraging, including for entrusting an important mandate to the ILO, with which the Commission was already engaged in close cooperation.



UNI Finance welcomes the reply by President Barroso: Together with its affiliates, the ETUC, the European industry federations and the global unions, it will pursue the conclusions of the ILO Global Dialogue Forum at global and European level.



For UNI Finance, it is in particular important that the financial reform process is conducted in close cooperation with the social partners of the finance sector. At European level, the banking and insurance social dialogues could play an excellent role bringing together the expertise. UNI Finance will continue raising the issue in this context.



It will also push for full involvement of trade unions in the EU legislative process on financial regulation. A sustainable and effective reform of the financial system requires that all stakeholders, governments, regulators, industry, unions and consumers work together closely.





For Barroso's letter, see "Related Files".

For the joint letters by UNI and IOE as well as articles on the ILO Global Dialogue Forum on Financial Crisis, see "Related Articles".