The European Commission says Europe’s social crisis is getting worse due to sweeping austerity measures and a lack of effective economic planning.
"The adverse effects of public budget cuts and tax increases on employment and living standards are increasingly apparent" in select European Union (EU) member states, the European Commission said in a report on Tuesday.
The Commission said austerity measures imposed on some countries have negatively affected jobs, lowered demand and forced households to cut back on spending.
"The social crisis in Europe keeps worsening and in a number of member states there is no tangible improvement in sight," noted EU Employment and Social Affairs Commissioner Laszlo Andor.
Andor warned against the formation of a ‘lost generation’ of Europeans as the number of youths without work hits a record number, reaching 23.6 percent in January 2013.
The youth unemployment rate is more than double that of the adult rate which stands at near 11 percent — over 26 million jobless people in the 27-member European Union — while the 17-nation eurozone saw a record 11.9 percent rate.
Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland, and Spain.
The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered massive demonstrations in many European countries.
From: http://www.presstv.ir 27/03/2013