Advertisement

HindustanTimes Sun,21 Sep 2014

EU leaders pledge job funds, back new budget

Agence France-Presse , AFP  Brussels, June 28, 2013
First Published: 22:30 IST(28/6/2013) | Last Updated: 22:33 IST(28/6/2013)

European leaders on Friday agreed to deploy 8.0 billion euros ($10.4 billion) to help create jobs for young people at a summit that also backed a tentative deal on the EU’s next trillion-euro budget, despite simmering doubts.

Advertisement

The threat of a “lost generation” of young Europeans added urgency to the talks in Brussels, even though the pressure from the financial markets seen at the height of the eurozone debt crisis has eased in recent months.

“We have to give people jobs and we should not make false promises,” German Chancellor Angela Merkel said after the talks in Brussels which are to wrap up later on Friday.

“The main thing here is about improving our competitiveness,” she said. “It’s not about creating more and more pots of money.”

Leaders agreed that funds from the Youth Employment Initiative could be deployed from January 2014 to promote work placement programmes and help job seekers find work in others parts of the European Union.

But critics said the measures were nowhere near enough to tackle the soaring jobs crisis, with European Parliament chief Martin Schulz calling them “a drop in the ocean”.

One in four young people in Europe is currently out of work – and that proportion is far higher in crisis-hit southern eurozone countries such as Greece, Spain, Portugal and Italy, where officials warn of a “social emergency”.


Advertisement
more from Business

Alibaba's big debut: Here are the 10 things you want to know

China's e-commerce giant Alibaba began trading its shares Friday on the New York Stock Exchange. Here are ten things to know about Alibaba, and why its initial public offering made history.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved