It’s time for a quick reminder about what a tragedy the Eurozone economy is.
Here’s a newly-released look at unemployment in the region. As you can see from the thin line, Eurozone unemployment remains flat at 11.6%, and it’s very close to the peak level of 12%.
It’s hard to overstate how godawful this number as. After a gigantic collapse, there’s been almost no substantial improvement. And the gains that have been made have been inconsistent.
The recent European parliamentary elections (in which a number of protest parties from the extreme left and the extreme right did well) were a good reminder: While the Eurozone didn’t break up during the crisis, the overall situation is quite sick. The overall failure to make substantial improvements in the economy and get people back to work can only be characterised as a scandal.