Economy of wellbeing: the European Council adopts conclusions (towards active labour market policies)

The European Council today (24 October) adopted conclusions on the economy of wellbeing inviting the member states and the Commission to include an economy of wellbeing perspective horizontally in national and Union policies and to put people and their wellbeing at the centre of policy design.

The concept of the economy of wellbeing is a priority for the Finnish presidency. Its core claim is that while people’s wellbeing is a value in itself, it is also vitally important for the Union’s economic growth, productivity, long-term fiscal sustainability and societal stability.

Key conclusions

These are some of the main conclusions:

The Economy of Wellbeing is based on a sound and sustainable economic policy.

It highlights the importance of investing in effective, efficient and equitable policy measures and structures ensuring access for all to public services including health and social services, long-term care, the promotion of health and preventive measures, social protection as well as education, training and life-long learning.

It emphasises employment, active labour market policies and occupational health and safety as well as decent working conditions as measures to guarantee wellbeing at work. It stands for equal opportunities, gender equality and social inclusion.

Knowledge-based policy-making requires clear objectives and the use of an adequate set of highquality indicators, comprehensive impact assessments and the evaluation of short, medium and long-term cost-effectiveness.

It is widely accepted that GDP alone does not provide a comprehensive picture of people’s wellbeing. Therefore, further collaborative and intensified efforts across sectors are required to make better use of and improve existing instruments, and to build on them for the development of a common approach to measuring the different dimensions of the Economy of Wellbeing.

The changing world of work

The changing world of work requires adaptability and diverse and constantly shifting qualifications and skills.

Education and training thus play a key role in fostering competitiveness, adaptability and participation in the labour market and in society.

Efforts must be made to facilitate access for all to life-long learning and acquisition of skills and competences in order to meet the challenges and seize the opportunities of digitalisation and new forms of work.

Climate change will impact the world of work

The European Council has invited the Council and the Commission to advance work on the conditions, the incentives and the enabling framework to be put in place so as to ensure a transition to a climate-neutral EU in line with the Paris Agreement that will, inter alia, preserve European competitiveness, be just and socially balanced, taking into account of Member States’ national circumstances.

In terms of employment, the transition to climate neutrality brings both opportunities and challenges.

Click here to access the full conclusions.