Employment in the eurozone is still 3.5 million lower than before the crisis started.And a new report from the International labour organisation (ILO) projects that another 4.5 million jobs could be lost in the next four years if the current policy course isn’t changed.
What’s more worrying is that after a slight recovery in 2010 and 2011, employment has fallen since the start of 2012:
“Mounting evidence points to the fact that a prolonged labour market recession may be in the making. Long-term unemployment is on the rise and many workers are becoming excluded from the labour market.
Without a prompt policy turn – to address the crisis and to regain the trust and support of workers and enterprises – it will be difficult to implement the reforms necessary to put the Eurozone back onto a path of stability and growth.”