European Union leaders are expected to set aside more than 5 billion euros from the EU budget to tackle the bloc’s soaring and costly youth unemployment when they meet for a summit in Brussels on Thursday.
The aim is to get to grips with the debilitating unemployment caused by the region’s debt and economic crisis. There are estimates that youth joblessness is costing the EU up to 150 billion euros a year, or around 1.2 percent of GDP.
Youth unemployment now exceeds 25 percent in 13 of the EU’s 27 member states, while more than half of those aged 15-24 in Spain and Greece out of work. Economists warn of a lost generation unless a way is found to resolve the problem.
“High youth unemployment has dramatic consequences for our economies, our societies and above all for young people,” Laszlo Andor, the European commissioner for employment, said when he presented plans for a fund late last year.
Chosen excerpts by Job Market Monitor from
Youth unemployment is rising steadily in the EU as the economic crisis in Europe deepens. The latest data reveals an EU-wide youth unemployment rate of 22.8 percent, up from 21.7 percent a year ago as those under 25 continue to lose their jobs to the economic slowdown… Click here to see each country’s unemployment stats … Continue reading »
Herman Van Rompuy, the president of the European Council, will propose a “youth employment initiative” worth several billion euros at a special summit on the European Union’s long-term budget later this week (7-8 February). “The budget must help us tackle the most urgent problems,” Van Rompuy wrote in a message published today (5 February). “Youth … Continue reading »
The euro area (EA17) seasonally-adjusted unemployment rate was 11.7% in December 2012, stable compared with November. The EU27 unemployment rate was 10.7%, also stable compared with November. In both zones, rates have risen markedly compared with December 2011, when they were 10.7% and 10.0% respectively. These figures are published by Eurostat, the statistical office of the European Union. Eurostat … Continue reading »
A year ago, “The European Parliament underlined five priorities in the report on the contribution to the Annual Growth Survey 2012: 1. pursuing different growth-friendly fiscal consolidation 2. ensuring long-term financing of the real economy 3. promoting sustainable growth through more competitiveness and investments 4. tackling unemployment and the social consequences of the crisis 5. modernising … Continue reading »
EU member states should guarantee that young Europeans do not remain out of work or education for more than four months, according to a scheme unveiled Wednesday by the European Commission. However the cost of tackling youth unemployment would largely fall to the states, said EU Employment Commissioner Laszlo Andor, adding that “the costs of … Continue reading »
The euro area (EA17) seasonally-adjusted unemployment rate was 11.7% in October 2012, up from 11.6% in September. The EU27 unemployment rate was 10.7% in October 2012, up from 10.6% in September. In both zones, rates have risen markedly compared with October 2011, when they were 10.4% and 9.9% respectively. Eurostat estimates that 25.913 million men and women in the …Continue reading »
The latest unemployment statistics released this week on both sides of the Atlantic show that the number of jobless is continuing to rise in Europe far above the rate in the U.S., and the picture is especially bleak for young Europeans under the age of 25. In the 27 E.U. nations as a whole, the youth unemployment … Continue reading »
Youth unemployment in the Eurozone looks like a social and economic disaster in the making – 30%, 40%, even 50% of young people sitting on their hands instead of building skills and experience. This column argues the headline numbers are misleading. While youth unemployment is a serious problem, a large share of EZ youth are … Continue reading »