The globalising learning economy driven by more intense competition and the wide use of information and communication technologies is characterised by rapid change in technologies and markets. At the level of labour markets and within enterprises, this is reflected in continuous change in skill requirements for employees. This is true for all parts of the world economy. In this paper, the focus is on Europe and developments in the first decade of the new millennium. The major challenge for Europe is to counter the inherent trend, reinforced by the crisis, towards unequal access to learning both in work and in education. Without a new new deal that gives privileged access to vocational education and training for those with little education, the economic performance of Europe will be undermined. Such a new new deal must be a fundamental element in the effort to lift Europe out of its current crisis.