The ECB finally stepped up to the plate, bringing government borrowing costs in Spain and Italy down from unsustainable levels. Meanwhile, Greece avoided an exit from the euro.
However, the latest Eurostat unemployment figures
released today remind of a far bigger problem that the eurozone now must face – staggering levels of youth unemployment across the region.
Governments on the euro periphery – which desperately need to institute difficult economic reforms to put budgets on sustainable paths – receive little support from a younger generation that feels like its opportunities and its future have been crushed already by the very same actors.