When will Eurozone’s unemployment rate stop being Europe’s worst nightmare?

 

László Andor, Member of the EC in charge of Employment, Social Affairs and Inclusion (EC Audiovisual Services)

László Andor, Member of the EC in charge of Employment, Social Affairs and Inclusion (EC Audiovisual Services)

Eurostat, the statistical office of the European Union estimated on Tuesday that the euro area unemployment rate was 11.6% in May; stable compared to April but reduced by 0.4% to last year’s measurements. The agency mentions that 18,552 million men and women were unemployed in May 2014; a decrease of 636.000 compared to May 2013. It seems that a year has passed but the Eurozone is still suffering from the burden called job creation which is not letting the European economy flourish.

South’s high unemployment rates demand immediate action

The highest jobless rates were recorded in Greece (26.8% in March) and Spain (25.1%). These counties are the ones that are contributing to a great extent to the high euro area unemployment rate that we are facing. Also, Italy’s unemployment rate has increased to 12.6% which indicates that the southern counties have something in common, many people are looking for a job but cannot find one. On the other hand, Austria and Germany were the “winners” in this battle reaching lowest levels of 4.7% and 5.1% respectively. Thus, the main conclusion at this point is that EU must focus on the countries with the highest employment rates so as to lower the overall figures. EU has to provide plenty of funds in order to create more jobs and deal with this long-lasting issue. However, it is very important that these funds will be well-exploited by the national governments as well.

Europe: a continent of aged workforce

The old continent has been transformed into a place where the people composing the manpower are much older than in the past. The numbers are more than revealing; 3,356 million young persons (under 25) were unemployed in May. The overall percentage is 23.3% of which 11.5% were males and the remaining 11.7% females. Furthermore, Greece with a 57.7% (March 2014) and Spain with 54% are the worst among the euro countries. It is devastating when you realize that the people that are contributing the most to pensions of the elders are not actually doing so because they are jobless. EU must take care of them by trying to provide them with jobs in order to bring growth and sustainability to the youth of each country.

Unemployment has a direct impact on Europe’s growth

Growth is still anemic and certainly unemployment is one of the factors that is pushing the rates down. “A mild recovery continues but it is still leaving many people behind. We can only really speak of a proper recovery when Europe’s economy creates new jobs in hundreds of thousands every month on a sustained basis” European Commissioner for Employment Laszlo Andor said.

A good example is Siemens that a week ago decided to cut about 1 billion euros in costs which basically means that more than 11.600 people will be fired. And we observe that not from a struggling SME but from one of the largest European engineering companies. European institutions and bodies have to figure out a permanent solution for this problem that plagues all societies and is creating damages to people and especially to young persons. It is not rare to encounter unsociable and depressing behaviours because people are unemployed and left in a deadline for a long period of time. It is time for Europe to stand and face unemployment once and for all.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the European Sting Milestones

Featured Stings

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Trump ‘used’ G20 to side with Putin and split climate and trade packs

Portugal: €4.66 million in aid for 1,460 dismissed workers and jobless young

More than nine in ten children exposed to deadly air pollution

Security Council hails ‘historic and significant’ joint peace declaration by Ethiopia and Eritrea

Why private investment in deforestation-free commodity production needs to be scaled up

European elections: A chance to repel both nationalism and no-deal Brexit

Development aid drops in 2018, especially to neediest countries

UN Environment Assembly 2017: where the world convenes to #BeatPollution

Wide-ranging reforms needed to ensure Italy’s economic recovery

Key economic forum in Russia: New technology a ‘vector of hope’ but also ‘a source of fear’ says Guterres

The ECB still protects the banks at the expense of the EU taxpayers

Brussels to tear down the trade wall with Mexico as opposed to Trump’s “walls”

The widely advertised hazards of the EU not that ominous; the sting is financial woes

Preparing the future today: World Health Organisation and young doctors

New UN agriculture agency report underscores value of fishing in fight against global hunger

Voices of young climate action activists ‘give me hope’ says UN chief

‘Two pack’ austerity package in force but with less vigor

These countries are ranked highest – and lowest – for human development

Brexit talks: 2nd round fails to bring the EU and the UK closer on key issues

What are the real targets of EU’s efforts to fight tax evasion?

Instability in Africa’s Sahel, spreading outwards, Security Council told

Emergency meeting called as Ebola spreads to Congolese city – UN health agency

We probably should go back to the therapy in Primary Healthcare

EU continues targeting on Chinese steel imports instead of the revival of its own economy

Thursday’s Daily Brief: impact of bad working conditions, Syria and Libya humanitarian news, human rights in Bahrain, families reunified in South Sudan

Is it too soon to hope for a tobacco free Romania?

UN rights chief ‘strongly’ condemns ‘shocking’ mass executions in Saudi Arabia

“Austerity was not the alternative!”, President Hannes Swoboda of the European Socialists and Democrats on another Sting Exclusive

How fintech is making investment accessible

EU attempts to make new deal with Turkey as relations deteriorate

Data and the future of financial services

The completion of the European Banking Union attracts billions of new capital for Eurozone banks

3 ways AI will change the nature of cyber attacks

Commission’s spending totally uncontrolled

“ASEM: Global Partners for Global Challenges”, a Sting Exclusive by China’s Ambassador to the EU

Is there a drug for every disease?

Myanmar Government side-lining democratic reform, resorting to military era repression: UN expert

“C’est la vie”? French recession and unemployment to linger in Eurozone

The Future of Retail: Changing shopping patterns will mean retailers need to invest in costly and complex solutions

Multilateralism more vital than ever, as World War centenary looms: Security Council

How a new approach to meat can help end hunger

FROM THE FIELD: Heeding the call for women’s rights around the planet

Inflation and interest rates indicate urgent need for action

The Ukrainian crisis to destabilize Europe and the world for a long time

Trump blocks US warmongers from bombing Iran

Investment, not debt, can kick-start an entrepreneurial Europe

EU job-search aid worth €9.9 million for 1,858 former Air France workers

EU Banks still get subsidies from impoverished citizens

UK Labour Party leader Corbyn readies to change Brexit political backdrop

Despite progress, companies face gender equality ‘backlash’: UN business body

‘Once-in-a-generation opportunity’ will be squandered, warns Guterres, unless social, economic, environmental challenges are met

EU elections: The louder the threats and the doomsaying the heavier the weight of the vote

‘More time’ agreed for buffer zone, to spare three million Syrian civilians in Idlib

Countdown To GSMA Mobile World Congress Shanghai 2018 Is On

Memoirs from a unique trip to China: “my new old dragon” (Part I)

Here are three ways Africa’s youth are defeating corruption

Social, cultural diversity ‘an enormous richness, not a threat’ Guterres declares calling on investment for a harmonious future

MEPs and European Youth Forum call on EU to Invest in Youth

Crackdown on Christians in Eritrea spurs UN expert to press Government ‘to live up to its international commitments’

How can education empower youth to become tomorrow’s leaders

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s