EU leaders agreed on spending 6 billion Euros over next two years to support job creation, education of young people and lending to credit-starved small business. European Union has decided to take some measures to fight against youth unemployment, a fierce indication of economic crisis which still cripples 28-member union’s economy.
EU leaders agreed on spending 6 billion Euros over next two years to support job creation, education of young people and lending to credit-starved small business. With the aim of providing employment to Europe’s 5.6 million unemployed who are under 25, EU leaders also approve that European Investment Bank will lend financial support to Europe-based small business.
According to the decisions taken by EU, young labour force would be distributed to members in deep need of work force for the fact that manpower requirements differs between the countries as Germany has been in deep need of young labour force on the contrary university graduates in southern Europe suffer from unemployment.
All the previous steps have failed to struggle against unemployment efficiently. Critics say the money is a drop in the ocean with more than 19 million people unemployed in the EU, and more than half of all young people under 25 without a job in Spain and Greece, having Europe’s two highest unemployment rates by 56 percent and 63 percent respectively.
EU Council President Herman Van Rompuy said the unemployment problem does not seem to be resolved soon due to the lack of consensus in the Union. Members’ contradictions over budget have been overcome after months.Following long negotiations European Parliament, the European Commission and EU member governments clinched a deal on a 960 billion euro seven-year budget for the bloc for the period 2014-20, ending months of squabbling, a decision which is considered to be a success by European leaders.