The United Nations agency International Labour Organization(ILO) published a
“Some countries have been hit more severely than others. Joblosses were especially acute in southern Europe. Austria, Belgium,Germany, Luxembourg and Malta are the only countries whereemployment is now higher than in 2008. However, even in thesecountries, there are signs that the labour market situation may nolonger be improving.”
A €21 billion program for the wholeEurozone
Of great concern is the rising youth unemployment: “Young peopleare increasingly at risk of a scarring first experience in theworld of work, which could affect them for the rest of their life.In April 2012, the youth unemployment rate in the Eurozone was over22 per cent. It exceeded 30 per cent in Italy, Portugal andSlovakia and was over 50 per cent in Greece and Spain. Youthunemployment rates also remained relatively high in successfullyperforming countries, such as Belgium and Malta.”
Sweden and Finland would stand out in this context with theiryouth guarantee programs. These track young unemployed citizens andhelp them finding a job or opportunities for academic or vocationaleducation. At a cost of €21 billion (0.45% of Eurozone governmentspending) such programs could be implemented Eurozone wide.