October 27, 2009
Last week, I attended the PES Social Europe Network – a group of prominent PES policy-makers chaired by my colleague and good friend Alejandro Cercas – for a discussion of what I think is one of the most serious and yet most sidelined issues of the day: unemployment.
I decided to dedicate a blog post to this because the current European discussion about an exit strategy is extremely worrying. The unemployment crisis has just begun. Over 5 million young people are already unemployed. Economists warn that we risk losing an entire generation of people to poverty and unemployment, and they are not exaggerating. Overall, it is likely that by 2010 more than 30 million people will be unemployed.
The surge in unemployment that we expect will not only increase social exclusion. It will jeopardise future growth prospects; it will endanger the sustainability of public finances through increased welfare payments; it […]