Even though everyone recognizes that unemployment – particularly youth unemployment – puts the foundations of Europe at risk and rather than react immediately and decisively, once again the European leaders discuss “aspirin” measures that will not solve the problem. Even though the summit is basically dedicated to this issue, indicating just how serious things are, the proposals are anything but realistic. When predictions of revenue are just 6 billion euros in 2014 and 2015, it is more than obvious that little can be done to improve today’s dramatic situation.
When youth unemployment starts at 25% and reaches 60% in the countries of the South, it is clear that brave interventions are needed to turn things around. The obsession with fiscal discipline and constant austerity programs have created huge social problems in most European countries which will not go away that easily. However many declarations the European leaders make, however many summits focus on the problem, there can be no solution without investing in new jobs. The education and vocational training programs are useless unless the real economy is on the path to growth and there are real employment opportunities. That cannot be done with 6 or 10 billion euros spread out amongst the European countries.
Europe cannot afford a lost generation. It cannot afford to see its most productive part seek a way out in China, the USA or other developing countries. The leaders must understand that saving the banking system cannot be their top priority – it obviously has an important role in developing the economy – and that they cannot settle for crumbs to tackle the unemployment problem. They must realize that fiscal discipline is not a goal in it self and that no economy moves forward when its society falls apart, when its people –especially its youth –, lose all hope for the future…
