“Unless targeted measures are taken to increase real economy investments, the economic crisis will deepen and the employment recovery will never take off,” said ILO director-general Juan Somavia
The ILO recommends:
- Making support for the financial system conditional on the resumption of lending to small businesses
- Making shareholders pay for the bailouts of banks
- Guaranteeing unemployed young people training, education or work placements
- Changing pay levels in different Eurozone countries to address differences in productivity.
Eurozone’s unemployment hit 11.1% in May, with 3.4 million youth unemployed. In Spain, which has the highest unemployment rate in the eurozone, one in four people is now out of work.