Economic Policy Strategies to Fight Mass Unemployment in Europe : An Appraisal,
The record level of the European employment in 1994 follows on from the economic slump in 1991-93, but it is part of a more worrying trend. Faced with the shock of the German unification and then the recession, the European Union failed to adopt a coordinated economic policy on a significant scale. This is testified by the timidity of the European Growth Initiative, and by procrastinations over implementing the last White Paper by the European Commission. It is also shown by the very high, short term interest rates maintained all along the recession, even in several EU countries enjoying low inflation and suffering mass unemployment. Lastly the lack of coordinated action is also borne out by the large public deficit that many countries have had to tolerate, since they have not eased sufficiently monetary policy. The Maastricht Treaty requires public deficits to be reduced quickly, but the recovery has just begun.
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