The United Nations agency International Labour Organization
(ILO) published a report offering a dire outlook for youth
employment in Europe. By now the Eurozone unemployment rate has
climbed to 11%, equivalent to 17.4 million jobseekers. The ILO
analysts forecast that another 4.5 million jobs may be lost over
the next four years if policymakers do not correct their austerity
"Some countries have been hit more severely than others. Job
losses were especially acute in southern Europe. Austria, Belgium,
Germany, Luxembourg and Malta are the only countries where
employment is now higher than in 2008. However, even in these
countries, there are signs that the labour market situation may no
longer be improving."
A €21 billion program for the whole
Of great concern is the rising youth unemployment: "Young people
are increasingly at risk of a scarring first experience in the
world of work, which could affect them for the rest of their life.
In April 2012, the youth unemployment rate in the Eurozone was over
22 per cent. It exceeded 30 per cent in Italy, Portugal and
Slovakia and was over 50 per cent in Greece and Spain. Youth
unemployment rates also remained relatively high in successfully
performing countries, such as Belgium and Malta."
Sweden and Finland would stand out in this context with their
youth guarantee programs. These track young unemployed citizens and
help them finding a job or opportunities for academic or vocational
education. At a cost of €21 billion (0.45% of Eurozone government
spending) such programs could be implemented Eurozone wide.