April 26, 2013
French daily Le Monde issued yesterday the chart of unemployment in the European Union. The facts are extremely disappointing for the entity of the Union, but especially for the peripheries. South Europe scores the highest rates followed by Ireland, two of the three Baltic states (i.e. Latvia and Lithuania), Bulgaria, Hungary, and France. The aggregate combination of first- and second-paced economies in the same basket is something new in the European Union, as we were used to observe such high or increasing rates of unemployment in lower-developed economies of the Union. But now the phenomenon is widespread and the therapy even harder to find.
Unemployment -and poverty- can be commonly regarded as the most striking side-effects of austerity and lack of growth in the European Union. In every relevant sub-sector of the analysis, youth unemployment gets even higher with the member-states and the European Commission being unable of addressing this issue. […]