EU Globalization Fund Questioned

The EU created a fund to assist those who have lost jobs due to global competition. But the fund has received a mere two requests for aid, prompting speculation about whether global competition really harms European jobs, reports The Financial Times. France was the most enthusiastic supporter of the fund and so far is the only country that has applied for funding. France wants money to retrain workers who lost their jobs after two French car companies, PSA Peugeot Citroen and Renault, declared bankruptcy. The European Commission plans to scrutinize applications, as the early requests will set precedents. While it’s too early to judge the fund’s effectiveness, the low demand for funds should be welcome news for Europe. – YaleGlobal