The second phase of the crisis, which occurred in 2011–2012, had a specific euro area connotation, but followed a similar script as the first – only that the shift in market perceptions, this time, did not pertain to privately issued paper but to the debt instruments of certain euro area governments.
Whatever the specific approaches chosen, helping workers who have lost jobs – whether because of trade or other causes – to find new productive work is good for the economy as well as for the affected workers and their families.