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Unemployment, a pending challenge for an EU that grows again after 10 years of crisis

The European Union today arrives at the tenth anniversary of the global financial crisis in full recovery, with its twenty-eight economies growing, public deficits on the downside and a bank But also with the challenge of regaining employment levels prior to 2007.

Brussels, Aug 9 (EFE) .- The European Union today arrives at the tenth anniversary of the global financial crisis in full recovery, with its twenty-eight economies growing, deficits Public on the downside and sound banking, but also with the challenge of regaining pre-2007 levels of employment.

On 9 August 2007, French bank BNP Paribas admitted its Exposure to junk mortgages in the United States and freeze the affected funds, catching the fuse of the financial crisis, and ultimately, deeper economic since the Great Depression.

In Europe, public debt soared, deficit increased, investment sank, growth contracted and millions of jobs destroyed.

Discovered the bad practices and weaknesses of the banking sector and its link with the sovereign debt that dynamited the confidence in the countries, especially those of the European periphery, incapable To get funding in the markets.

The weaknesses of a eurozone that threatened to shatter became apparent when in 2012 the president of the European Central Bank, Mario Draghi, said he would "do whatever it takes" to preserve the single currency.

The bond purchase program and the expansive, low-interest interbank policy, Which launched Frankfurt have been a key instrument in the recovery of the one that today takes chest Brussels.

The EU had to rescue Greece, Ireland, Portugal and the Spanish banking, Established the so-called European Semester to monitor the finances of countries, prescribed or imposed structural reforms and launched the Banking Union to supervise and manage the

"Thanks to the determined political response to the crisis, the EU economy is now steadily recovering, and The Economic and Monetary Union is stronger than before, "Eurozone Vice President Valdis Dombrovskis said in a statement today.

In fact, the Product The EU's Gross Domestic Product (GDP) grew by 1.9% in 2016 despite the fact that in the worst of the crisis, in 2009, contracted up to 4.5% and economic expansion did not return until 2015. The public deficit is again under control, at 1% of GDP, after having shot up to levels close to 8%, and of the 24 countries monitored for their excessive deficit only three, among But the investment, which plummeted to 20% in 2013, goes back from those lows only slowly, without the levels still recovering. While the share of public debt - very diverse among countries - is around 90% of GDP on average, far from 65% in 2007.

However, the main challenge is Unemployment, the rate has been progressively reduced from the highs reached in 2013, from 10,9% in the EU and 12% in the eurozone, to 7,7% and 9,1%.

In total, ten Years after the crisis, 18.7 million Europeans remain unemployed, and the differences between countries are enormous, with Spain at the head of the unemployment (17.1%), only surpassed by Greece.

The crisis of the crisis, the Brussels recipes were based on austerity to control the deficit, the consolidation of finances and structural reforms.

Only in the last two Years, with the beginning of recovery and criticism of its ineffectiveness, calls for investment and the emphasis on social protection have been included in the community discourse.

In 2014 launched the Youth Employment initiative and in 2014 the Investment Plan for Europe.

However, despite the optimistic discourse, Brussels calls for avoiding complacency and taking advantage of the Fat cows to continue to implement reforms.

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