EU: regulation on the European globalization adjustment fund is published

Three criteria of intervention. Article 2 specifies the criteria of intervention of the fund and clarifies the concept of "major changes in the structure of world trade" leading to "severe economic disturbances ". For example a substantial increase of imports in the European Union, a fast retreat of EU market shares in a given sector, relocations towards third countries. Consequently, relocations within the EU will be excluded. These serious disturbances must have the following consequences : 1/ the dismissal of at least 1 000 employees of a company in a Member State, over a 4 months period, including those employed by suppliers or producers downstream from the aforementioned company; 2/ or the dismissal, over a nine months period, of at least 1 000 employees, especially in SMEs, in a given sector (according to the standard classification of the European Community, NACE 2), in one or two regions of Nuts 2 level (Nomenclature of statistical territorial units). In the case of "small labour markets or in exceptional circumstances, fully justified by the Member State(s) concerned, a request for EGAF intervention can be considered admissible even if the requirements mentioned above are not fully met, when dismissals have a serious incidence on employment and the local economy. The cumulated amount of contributions under these exceptional circumstances cannot exceed 15 % of the EGAF each year ".