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Eurozone must shift from austerity to job creation- warns ILO

in International Business

Eurozone must shift from austerity to job creation- warns ILO

The International Labor Organization (ILO) has warned that the Eurozone could lose 4.5 million more jobs in the next four years if it decides to continue with the austerity measures.

“Unless targeted measures are taken to increase real economy investments, the economic crisis will deepen and the employment recovery will never take off,” said ILO director-general Juan Somavia

The ILO recommends:

  • Making support for the financial system conditional on the resumption of lending to small businesses
  • Making shareholders pay for the bailouts of banks
  • Guaranteeing unemployed young people training, education or work placements
  • Changing pay levels in different Eurozone countries to address differences in productivity.

Eurozone’s unemployment hit 11.1% in May, with 3.4 million youth unemployed. In Spain, which has the highest unemployment rate in the eurozone, one in four people is now out of work.

Tags assigned to this article:
eurozone unemployment

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