Unemployment in the 17 EU countries that use the euro rose to 11.8 percent in November, as the number of jobless people in the region rose to 18.8 million, the highest figure since the single currency was founded in 1999.
According to data released Tuesday by the EU’s official statistics agency, eurozone unemployment was up 0.1 percentage points over October — but up a full 1.2 percentage points from a year ago. The rate for the 27-member European Union was 10.7 percent, the same as in October, but up from 10.0 percent a year ago. The number of unemployed across the full EU topped 26 million.
The figures illustrate the daunting tasks confronting European Union officials. While the threat of a collapse of the eurozone due to too much government debt may have receded, the economies in many EU countries stubbornly refuse to expand and joblessness continues to rise, creating broad social crises.
There is a balance between providing social programs through taxation and growth. The EU has tipped the scales toward taxation to the point where they have stymied growth. So have we. But we voted for it, didn’t we?
Do you suppose that it will be cheap to vacation there this summer?