11 Jul 2012

EUROZONE / UNEMPLOYMENT

The International Labour Organization warns 4.5 million jobs could be lost in the Eurozone over the next 4 years bringing the total to almost 22 million people unemployed. ILO

Posted at: July 11, 2012 2:06 pm

Duration: 01:49

Available in: SD

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STORY: EUROZONE / UNEMPLOYMENT
TRT: 1.49
SOURCE: CH UNTV 
RESTRICTIONS: NONE
LANGUAGE: ENGLISH/ NATS

DATELINE: 11 JULY 2011, GENEVA, SWITZERLAND / FILE

SHOTLIST:

11 JULY 2011, GENEVA, SWITZERLAND

1. Wide shot, press conference
2. Close up, report
3. Med shot, journalist reading report
4. SOUNDBITE (English) Juan Somavia, International Labour Organization (ILO) Director General:
"The Eurozone is witnessing its worst jobs crisis since the creation of the single currency. Unemployment is on the rise in the majority of the 17 members, and if the current policy course does not change, quickly I would say, it is possible that 4.5 million jobs will be lost over the next four years; and this of course will risk further feeding social unrest and eroding confidence in the workings of the financial system, the national governments and in European institutions."

FILE - MAY 2012, ATHENS, GREECE

5. Various shots, street protest

11 JULY 2011, GENEVA, SWITZERLAND

6. SOUNDBITE (English) Juan Somavia, International Labour Organization (ILO) Director General:
"The Report shows that by embracing a Eurozone growth strategy with jobs at its core, the recovery is still possible within a single currency setting, but the window of opportunity is closing."

FILE - JUNE 2012, BARCELONA, SPAIN

7. Various shots, homeless men

11 JULY 2011, GENEVA, SWITZERLAND

8. SOUNDBITE (English) Juan Somavia, International Labour Organization (ILO) Director General:
"There are no purely financial solutions to a financial crisis, and that is the essence of the ILO message. There has to be a productive solution to all of the productive problems that a financial crisis creates."

FILE - APRIL 2012, MADRID, SPAIN

9. Wide shot, man walking into unemployment office

FILE – AUGUST 2010, DUBLIN, IRELAND

10. Various shots, closed businesses

STORYLINE
	
Employment has fallen in half of the Eurozone countries measured since the start of 2012.  According to a study released by the International Labour Organization, if policies don't change soon, a further 4.5 million jobs could be lost over the next 4 years bringing the total to almost 22 million people unemployed.

According to the Director General of the International Labour Organization (ILO), Juan Somavia, this "will risk further feeding social unrest and eroding confidence in the workings of the financial system, the national governments and in European institutions."

At the launch of the new report entitled "Eurozone job crisis: trends and policy responses", Somavia pointed out that by "embracing a Eurozone growth strategy with jobs at its core, the recovery is still possible within a single currency setting, but the window of opportunity is closing."

The report notes that a jobs pact is vital for the stability of the Eurozone as a single-currency area.

Four million jobs have been lost in the EU since the crisis began and only a quarter of those have come back.  The jobs that remain are increasingly precarious.  In 12 out of 17 Eurozone countries involuntary part-time work is on the rise. Nearly half of the European workforce has been out of work for a year or more.

The study warns that without a shift in policy direction all countries in the Eurozone - both those currently under stress and their healthier counterparts - will suffer.

The ILO Director General noted that "there are no purely financial solutions to a financial crisis" and said "there has to be a productive solution to all of the productive problems that a financial crisis creates."

The report concludes that addressing the jobs crisis in the Eurozone requires, first, repairing the financing system urgently; second, promoting growth and jobs, taking into account initial country conditions, including through well-designed investment and income policies, effective employment programmes, notably youth guarantees, realistic fiscal plans to support jobs while meeting deficit goals in the medium term; and third, greater policy coordination in the Eurozone to support the common currency.

Filed under ILO - International Labour Organization.