This resulted in increased pressure on banks to provide credit at a time when their financial resources were already quite strained pursuant to the rapid credit expansion in the previous three years.
Unemployment benefits are transferable only to a limited extent. EU law has been adjusted accordingly and now needs to be implemented rigorously. The same applies for the transferability of pension rights. To summarise, adjustment through mobility is not merely a theoretical concept, but a European reality. However, there is scope for both more inter-regional and more intercountry labour mobility.