Take labour markets, for example. In many countries, labour markets are rigid Flexible labour markets could help to mitigate shocks. They ensure that crises do not lead to persistently high unemployment. At the same time, flexible labour markets help the economy to grow. They facilitate the change that is needed to reap the benefits of a united Europe and a globalised world.
But if the benefits of flexible labour markets are truly to reach the people, there is something else that we need. We need a good system of education and training – one that starts in kindergarten and accompanies people for the rest of their lives. The better this system is, the more flexible labour markets can be.