ILO warns 22 million could lose their jobs in Europe

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Unemployment in the Eurozone could reach almost 22 million in the next four years, according to a report from the International Labour Organization, the ILO.

The report, Eurozone job crisis: trends and policy responses, warns that without a shift in policy direction, all countries in the Eurozone will suffer.

Steven Tobin, a Senior Economist at the ILO, explains that the austerity approach countries in the Eurozone have put in place is not working.

“The big challenge with this approach is it hasn't worked on all fronts to be frank. It hasn't stimulated growth. It hasn't created jobs. And perhaps somewhat ironically, it hasn't even stabilized public finances.”

Mr. Tobin says the ILO suggests a medium term approach to austerity or fiscal consolidation, in other words, putting employment first.

Duration: 15″

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