European employment & Solving the Greek crisis

greece Overcoming the Greek crisis (and the crisis in other south European countries) depends heavily on the economic growth and job creation in Europe as a whole. Without strong partners, able to provide financial support but also investment and commercial activity, Greece will be doomed in the long run.

Hence the question: Is the European economy getting it right?

NO!

That’s the answer of the unsuspected Ben S. Bernanke, the former chairman of the American Federal Reserve. The Euro zone is not delivering the broad-based economic growth that is needed to give depressed economies like Greece a reasonable rate of growth and employment.

And Mr. Bernanke illustrates it with the highly asymmetric outcomes among countries within the Euro area and its poor overall performance, illustrated by the figure below, showing the evolution of the unemployment rate since 2007 in the Eurozone and the U.S.

Unexployment Rates

More: Greece and Europe: Is Europe holding up its end of the bargain?