News / Economy

    EU Confronts Youth Unemployment Crisis

    EU Confronts Youth Unemployment Crisisi
    X
    June 28, 2013 9:48 PM
    The European Union has agreed to create a multi-billion-dollar fund to tackle its youth unemployment crisis, which has led to warnings of a lost generation. Even as the bloc struggles through an economic crisis, its expansion plans continue - with Serbia set to begin formal accession talks in the coming months. Henry Ridgwell reports for VOA from London.
    Henry Ridgwell
    The European Union has agreed to a multi-billion dollar fund to tackle its youth unemployment crisis, which has led to warnings of a lost generation. Even as the bloc struggles through the economic crisis, its expansion plans continue - with Serbia set to begin formal accession talks in the coming months.

    In Spain and in Greece, unemployment among under-25s is running at over 50 percent.

    In Portugal, there are lines every day outside the Angolan and Brazilian consulates, as job-seekers look for better fortunes in the country's former colonies.

    It is a vicious downward spiral, says John Springford of the Center For European Reform policy group.

    "When people have been out of work for a long time they tend to lose the skills that they have, they lose initiative, and also the social problems like drug and alcohol abuse can make them quite difficult to employ again," said Springford.

    Unemployment in the EU, 2000-2013Unemployment in the EU, 2000-2013
    x
    Unemployment in the EU, 2000-2013
    Unemployment in the EU, 2000-2013
    Meeting in Brussels Friday, EU leaders agreed to spend $7.8 billion over the next two years to tackle youth unemployment. Herman Van Rompuy is president of the European Council.

    "We know that reforms take time and results won't be immediate.  So we're also concentrating on launching actions with direct impact.  Fighting youth unemployment and helping SMEs [small and medium enterprises] access credit," said Van Rompuy.

    There are about 5.6 million unemployed young people in Europe - and the money simply won't be enough, says economist John Springford.

    "We're looking at about a thousand euros [$1,300] per person.  And the thing that we know about youth unemployment is that when unemployment is high generally, then youth unemployment will be even higher.  And so this kind of problem is best sorted out by macroeconomic policy rather than microeconomic tinkering," he said.

    From left: Irish Prime Minister Enda Kenny, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso participate in a media conference at an EU summit in Brussels, June 28, 2013.From left: Irish Prime Minister Enda Kenny, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso participate in a media conference at an EU summit in Brussels, June 28, 2013.
    x
    From left: Irish Prime Minister Enda Kenny, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso participate in a media conference at an EU summit in Brussels, June 28, 2013.
    From left: Irish Prime Minister Enda Kenny, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso participate in a media conference at an EU summit in Brussels, June 28, 2013.
    European commissioners have described this week as a good one for the EU - after a deal was clinched on a $1.25 trillion seven-year budget for the bloc, ending months of argument between member states.

    Croatia joins the European Union on July 1, while EU leaders agreed Friday to begin accession talks with Serbia no later than January next year.  European Commission President Jose Manuel Barroso hailed the agreement.

    "This is historic. Let's not forget what happened not so long ago in that part of Europe with one of the most violent wars we ever saw.  And now we will start negotiations with Serbia," said Barroso.

    Key to the accession process has been the Serbian government's willingness to negotiate, says James Ker-Lindsay of the London School of Economics.

    "There has been a tremendous transformation that's taken place over the past year since the arrival of a new government which many people thought would be a step back.  It had a reputation of being nationalist.  But in actual fact it's made a whole range of moves, so most importantly on relations with Kosovo, which has been a very, very tricky subject since Kosovo declared independence in 2008," said Ker-Lindsay.

    Meanwhile Latvia gained formal approval Friday to join the eurozone on January 1, 2014 - becoming the 18th country to use the currency.

    You May Like

    In Britain, The Sun Still Doesn’t Shine

    Invoking Spitfires and Merlin, Leave voters insist country can be great again, following surprising 'Brexit' vote last week

    Double Wave of Suicide Bombings Puts Lebanon, Refugees on Edge

    Following suicide bombings in Christian town of Al-Qaa, on Lebanon's northeast border with Syria, fears of further bombings have risen

    US Senators Warned on Zika After Failing to Pass Funding

    Zika threats and challenges, as well as issues of contraception and vaccines, spelled out as lawmakers point fingers

    This forum has been closed.
    Comment Sorting
    Comments
         
    by: Paulo Roberto Mattos Luiz from: Brazil
    July 07, 2013 5:31 PM
    To invest in the export sector and sell to all countries in the world, big ones and small ones outside the European Union is the only viable solution to create new jobs for the youth. For the world to be a better place to live, all countries should be partners. Togetherness in business. That's the way.

    by: Yoshi from: Sapporo
    June 28, 2013 7:46 PM
    My son is now looking for a job facing the next spring's completion of university. It looks a bit better conditions for Japanese youth to get jobs than EU. I wish EU youth fortune and good jobs. Thank you.

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Slow Rebuilding Amid Boko Haram Destruction in Nigeria’s Northeasti
    X
    June 29, 2016 6:15 PM
    Military operations have chased Boko Haram out of towns and cities in Nigeria’s northeast since early last year. But it is only recently that people have begun returning to their homes in Adamawa state, near the border with Cameroon, to try to rebuild their lives. For VOA, Chris Stein traveled to the area and has this report.
    Video

    Video Slow Rebuilding Amid Boko Haram Destruction in Nigeria’s Northeast

    Military operations have chased Boko Haram out of towns and cities in Nigeria’s northeast since early last year. But it is only recently that people have begun returning to their homes in Adamawa state, near the border with Cameroon, to try to rebuild their lives. For VOA, Chris Stein traveled to the area and has this report.
    Video

    Video Clinton Leads Trump, But Many Voters Don't Like Either

    In the U.S. presidential race, most recent polls show Democrat Hillary Clinton with a steady lead over Republican Donald Trump as both presumptive party nominees prepare for their party conventions next month. Trump’s disapproval ratings have risen in some recent surveys, but Clinton also suffers from high negative ratings, suggesting both candidates have a lot of work to do to improve their images before the November election. VOA National correspondent Jim Malone has more from Washington.
    Video

    Video New US Ambassador to Somalia Faces Heavy Challenges

    The new U.S. envoy to Somalia, who was sworn into office Monday, will be the first American ambassador to that nation in 25 years. He will take up his post as Somalia faces a number of crucial issues, including insecurity, an upcoming election, and the potential closure of the Dadaab refugee camp in Kenya. VOA’s Jill Craig asked Somalis living in Kenya’s capital city Nairobi how they feel about the U.S. finally installing a new ambassador.
    Video

    Video At National Zoo, Captivating Animal Sculptures Illustrate Tragedy of Ocean Pollution

    The National Zoo in Washington, D.C., is home to about 1,800 animals, representing 300 species. But throughout the summer, visitors can also see other kinds of creatures there. They are larger-than-life animal sculptures that speak volumes about a global issue — the massive plastic pollution in our oceans. VOA's June Soh takes us to the zoo's special exhibit, called Washed Ashore: Art to Save the Sea.
    Video

    Video Baghdad Bikers Defy War with a Roar

    Baghdad is a city of contradictions. War is a constant. Explosions and kidnappings are part of daily life. But the Iraqi capital remains a thriving city, even if a little beat up. VOA's Sharon Behn reports on how some in Baghdad are defying the stereotype of a nation at war by pursuing a lifestyle known for its iconic symbols of rebellion: motorbikes, leather jackets and roaring engines.
    Video

    Video Melting Pot of Immigrants Working to Restore US Capitol Dome

    The American Iron Works company is one of the firms working to renovate the iconic U.S. Capitol Dome. The company employs immigrants of many different cultural and national backgrounds. VOA’s Arman Tarjimanyan has more.
    Video

    Video Testing Bamboo as Building Material

    For thousands of years various species of bamboo - one of the world's most versatile plants - have been used for diverse purposes ranging from food and medicine to textiles and construction. But its use on a large scale is hampered because it's not manufactured to specific standards but grown in the ground. A University of Pittsburgh professor is on track to changing that. VOA’s George Putic reports.
    Video

    Video Orphanage in Iraqi City Houses Kids Who Lost their Parents to Attacks by IS

    An orphanage in Iraqi Kurdistan has become home to scores of Yazidi children who lost their parents after Islamic State militants took over Sinjar in Iraq’s Nineveh Province in 2014. Iraqi Kurdish forces backed by the U.S. airstrikes have since recaptured Sinjar but the need for the care provided by the orphanage continues. VOA’s Kawa Omar filed this report narrated by Rob Raffaele.
    Video

    Video Re-Opening Old Wounds in a Bullet-Riddled Cultural Landmark

    A cultural landmark before Lebanon’s civil war transformed it into a nest of snipers, Beirut’s ‘Yellow House’ is once again set to play a crucial role in the city.  Built in a neo-Ottoman style in the 1920s, in September it is set to be re-opened as a ‘memory museum’ - its bullet-riddled walls and bunkered positions overlooking the city’s notorious ‘Green Line’ maintained for posterity. John Owens reports from Beirut.
    Video

    Video Brexit Resounds in US Presidential Contest

    Britain’s decision to leave the European Union is resounding in America’s presidential race. As VOA’s Michael Bowman reports, Republican presumptive nominee Donald Trump sees Britain’s move as an affirmation of his campaign’s core messages, while Democrat Hillary Clinton sees the episode as further evidence that Trump is unfit to be president.
    Video

    Video NASA Juno Spacecraft, Nearing Jupiter, to Shed Light on Gas Giant

    After a five-year journey, the spacecraft Juno is nearing its destination, the giant planet Jupiter, where it will enter orbit and start sending data back July 4th. As Mike O'Sullivan reports from Pasadena, California, the craft will pierce the veil of Jupiter's dense cloud cover to reveal its mysteries.
    Video

    Video Orlando Shooting Changes Debate on Gun Control

    It’s been nearly two weeks since the largest mass shooting ever in the United States. Despite public calls for tighter gun control laws, Congress is at an impasse. Democratic lawmakers resorted to a 1960s civil rights tactic to portray their frustration. VOA’s Carolyn Presutti explains how the Orlando, Florida shooting is changing the debate.

    Special Report

    Adrift The Invisible African Diaspora

    World Currencies

    EUR
    USD
    0.9017
    JPY
    USD
    102.66
    GBP
    USD
    0.7443
    CAD
    USD
    1.2990
    INR
    USD
    67.600

    Rates may not be current.