After the financial crisis in 2007-2008, some regions and countries, notably in Asia and Latin America, witnessed encouraging and rapid signs of recovery in their real economy, in terms of employment and poverty reduction. Nevertheless, since the sovereign debt crisis in Europe that started with the Greek episode in mid-2010 and the continuing balance sheet recession in the United States, the world has entered a new phase of global financial, economic and social crisis. In a context of major social and economic imbalances and ever-growing instability, the ILO, with the support of many other stakeholders, advocates more equitable and fair globalization, with decent work at the centre of public policy.