* : ETUC Macroeconomic Outlook 2025 – The EU Squeeze

Brussels, 03 December 2025

• To: Committee on Economic and Monetary Affairs
• To: Committee on Employment and Social Affairs
• To: Committee on Industry, Research and Energy

Dear Members of the European Parliament,

We are pleased to share with you the first “ETUC Macroeconomic Outlook 2025 – The EU Squeeze”, now available on our website: ETUC Macroeconomic Outlook 2025 | ETUC.

This first edition – with an updated version planned for spring 2026 – offers an in-depth analysis of the key macroeconomic challenges facing Europe’s workers and households. It highlights how rising housing costs, profit-led inflation, and declining labour shares have deepened inequality across the EU.

In line with our project goals, we used the Outlook as a basis for our interventions at the EU Macroeconomic Dialogue at both technical and political level, calling for a reorientation of economic policy towards public investment, strong labour institutions, and fair income distribution as essential conditions for a just transition.

We are promoting the Macroeconomic Outlook encouraging trade unions, policymakers and allies to use it to advocate for a macroeconomic framework that truly serves working people.

Please do not hesitate to let us know if you need any further information or material.

Kind regards,

Ludovic Voet

Confederal Secretary