Abstract
Is the flexicurity policy of the EU a new framework for further deregulation of the labour market? Or does it lead to a new balance between economic efficiency and social protection that can benefit both employers and workers? This article examines the contemporary history of the flexicurity policy of the EU, focusing on the differences, convergences, and interactions of opinions among the political institutions of the EU and the European social partners in the process for the adoption of the 'common principle of flexicurity' by the Council of the European Union in December 2007. Particular attention is given to the emphasis on the promotion of 'external flexibility' and its position in the overall framework of flexicurity. It is shown that only the qualitative changes of the early proposals which emphasized the importance of certain flexibility components-notably, deregulation of the employment protection legislation-made it possible for stakeholders to reach a consensus.
