European employment targets are “unrealistic” and “bold action” is needed to boost job creation, according to a report published by the Ambrosetti Forum ahead of the open of its international economics conference.
About 5.6 million jobs have been lost across the 28 countries that belong to the European Union (EU) since the global financial crisis of 2008, Ambrosetti’s economists say.
“The economic crisis produced growing unemployment levels in the EU, which now requires bold action from policymakers to boost labor demand as well as to implement labor market structural reforms,” the economists wrote in their “Labor market scenario in Europe” report.
Europe’s high unemployment, low price rises and stagnant growth is likely to be a hot topic at this year’s Ambrosetti Forum—the annual get-together of heads of states, top business people and academics at Lake Como in Italy. The Organization of Economic Co-operation and Development warned this week that unemployment in its member countries will remain well-above pre-crisis levels until 2016 at the earliest.
Unemployment averaged 10.3 percent across the EU in July—the same as in June. Nearly one-quarter (24.5 percent) of Spaniards were unemployed during the month, along with 12.6 percent of Italians and 11.5 percent of Irish citizens.