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‘Flexicurity’ has become one of the more fashionable elements of the European political discourse addressing social and economic policies in general and employment and labour market policies in particular. The European Commission is strongly pushing for flexicurity as the answer to Europe’s employment problems and is trying to convince other European and national actors to follow its lead. This ETUI-REHS paper analyses the reasons why the Commission has embraced flexicurity and what meaning it has given to it. Among it conclusions are that the Commission’s approach prioritises flexibility over security and employers’ interests over workers’ interests.