In an update of its World Economic Outloook published on 29 January, the International Monetary Fund stated that "the financial market strains originating in the US sub-prime sector - and associated losses on bank balance sheets - have intensified, while the recent steep sell-off in global equity markets was symptomatic of rising uncertainty." The IMF added that "growth has [...] slowed in western Europe, and confidence indicators have generally deteriorated". The IMF lowered its growth projection for the euro area to 1.3%, down from 2.3% in 2007 and only half the average annual growth rate over the last ten years.
In its "Global Employment Trends 2008", issued on 22 January, the International Labour Organisation warned that, in the EU and other developed economies, "the impact of such a small decrease in growth is immediately reflected in labour markets," adding that "labour market indicators for the region [...] showed signs of some stagnation between 2006 and 2007," with the increase in employment "the smallest in five years".
In a June 2007 Policy Brief, the OECD warned that inequality of earnings had widened across the EU.