The concept of flexicurity has been a key issue in the discussions and activities of institutions of the European Union in the field of employment and social policy for about two decades. The purpose of this article is to analyze the idea of flexicurity in the context of responsibility for development of the labour market. The responsibility is mostly transferred to the state and employees, while the employers are exempt from accountability for the social costs associated with the fluctuations in the economic cycle. The article contains the analysis of the labour market flexibilisation process and its compensation with the security system, critical approach to flexicurity models and challenges associated with the implementation of this concept.