Eurozone unemployment hits 10.4%

The European unemployment rate is at its highest since 1998, before Euro was introduced. 10.4% of EU citizens are without jobs, this is about 16.5 million people who do not have a full time job. Economist Martin van Vliet had this to say about the unemployment in europe,  “Look at Greece, where unemployment is some 20 per cent, and it is 23 per cent in Spain. At a certain point this could lead to political unrest.” 

At a recent summit between the European leaders, the focus was shifted away from the debt crisis and was placed of reviving the growth of the European economy, which produces 16% of the global economic output. Even with newly implemented budget pacts, the growing gap between wealthy northern nations and poorer southern nations threatens to overshadow any union wide policies. There is an even more concern in Europe about the unemployment of people under 25. Nearly 50% of young people can not find full time jobs. Since 2008, the unemployment has risen from 7%  and is projected to reach 11% by mid 2012.

I believe that this problem can not be solved over night. The US has a very similar problem but they are taking effective steps to solve the issue. The EU needs to take similar steps in order to become the economic power it used to be. I believe that this can only happen if the countries of Europe are on the same page and want to be more successful. This should start with finding employment for the young people who are going to be in the work force for the next 40 years.

http://www.thestar.com/business/article/1123990--eurozone-unemployment-hits-record-10-4-per-cent