Gordon Brown, the UK Prime Minister has called for a European Compact for Jobs and Growth as an "economic step change" in the recovery process. The EU growth strategy proposal could provide jobs for 15 million people over the continent. It could also potentially raise Europe's output by four percent or €500bn (£436bn) and create large numbers of apprenticeships and jobs for young people, Brown said at Downing Street.
The announcement comes as Britain has registered compelling signs that the labour market has bottomed out as the jobless claims fell at the fastest pace since April 2007 last December, according to Agence France Presse.
Read the full text of the EU Compact for Jobs and growth.