The banking crisis of 2007 and the subsequent recession, followed by austerity measures and livelihood crises have jeopardized the capacity of people to perform crucial unpaid work. While most policy responses have focused on bailing out the financial sector and, to a lesser extent, dealing with its implications for economic output and jobs, far less attention has been given to its impact on people's well-being, including their ability to care for themselves, their families and communities. This paper suggests that these three spheres -- finance, production and unpaid care and social reproduction -- are in fact interconnected and overlapping, and undertakes a feminist analysis to draw attention to their interconnections and to make visible what is often left out of mainstream accounts. UN Women calls for States to take a transformative approach to economic and social policy, and design recovery policies that promote the realization of women's rights, as compliance with human rights obligations is most critical during times of hardship. UN Women recommends public action on three broad fronts:
- Job creation and support for social protection policies: such alternative policy approaches will be more effective at reducing debt levels and setting the foundation for sustainable economic and social recovery
- Better regulation of global finance: National governments and the United Nations must play a much stronger role in the governance of global and national financial flows to avoid future crises and their costs to women in particular
- Investment in the reproduction of people: the State must facilitate access to services, infrastructure and other essential goods such as food, which are the basic foundations needed for caregiving.