There seems little concern about the continuing rise in unemployment across the euro area. If European leaders were really worried about the situation, they would be planning for the weaker economies to leave the single currency in an early and orderly fashion
Yesterday Italian unemployment figures came in at 8.6%. That is bad news for many Italians, but by euro area standards it was a good performance. An astonishing 23% of the Spanish workforce is unemployed, including 45% of young people. Eighteen per cent of the Greeks of working age, 14% of the Irish and 13% of the Portuguese rely on out of work benefits for their living. Even in France almost 10% of the workforce is without a job.