EuroZone job crisis: trends and policy responses

Employment remains depressed in the majority of Eurozone countries and a further 4.5 million jobs may be lost, questioning the primacy of fiscal goals as the backbone of the policy strategy.
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.
A jobs pact is vital for the stability of the Eurozone as a single-currency area.