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Published: Saturday 07 September, 2013

clothing shopping online clothing shopping online ?Obama warns of lost generation due to high youth unemployment in Europe

Unemployment in the group of 17 European Union countries that use the euro, which is stuck in recession, has shot up to a record 12.2 percent. Youth unemployment in southern Europe crisishit economies, such as Spain and Greece, is now well above 50 percent.

Obama spoke at a news conference alongside German Chancellor Angela Merkel, who has championed Europe focus on budget cuts and structural reforms to tackle the crisis. Some analysts say, however, that the insistence on belttightening has worsened the eurozone recession and that stimulating growth is now needed to overcome the crisis and create new jobs.

have to make sure that in pursuit of our longerterm policies, whether it fiscal consolidation or reforms of our overly rigid labor markets or pension reforms, that we don lose sight of our main goal, which is to make lives of people better, Obama said.

if for example we start seeing youth unemployment go too high, then at some point we got to modulate our approach to ensure that we don just lose a generation who may never recover in terms of their careers, he added.

Th clothing shopping online e unemployment rate among those aged 1524 in the eurozone is 24.4 percent.

Germany itself, Europe biggest economy, enjoys low unemployment and has avoided recession.

Merkel insisted that her government is committed to help its European partners in the crisishit nations.

on the long run can only do well when Europe does well too, Merkel said. we were conducting policies that would harm other countries, we would harm ourselves. also has to press ahead with reforms such as improving workers training, upgrading infrastructure and fostering more investment in research and development.

don think there a perfect recipe. All of us have to make sure that our budgets aren out of control, all of us have to undergo structural reforms to adapt to a new and highly competitive economy, he said.

The high unemployment rate is among the most visible fallout of Europe economic woes, increasingly threatening to undermine young people faith in their governments and the European Union.

Obama said during a speech later Wednesday: want to work with you to make sure that every person can enjoy the dignity that comes from work whether they live in Chicago or Cleveland, in Belfast or Berlin, in Athens or Madrid, everybody deserves opportunity. have to have economies that are working for all people, not just those at the very top, he added.

The president also had a halfhour private meeting with Peer Steinbrueck, Merkel centerleft challenger in September national elections.

Steinbrueck told German television after the talks that he and Obama agreed austerity alone cannot solve Europe problems.

course we must consolidate public budgets, but we need growth initiatives and we have to take care th clothing shopping online at the other countries again get wind under their wings, Steinbrueck said.

The president of the EU Commission, the bloc executive arm, acknowledged in Brussels have a social emergency in parts of Europe. Manuel Barroso vowed to use next week summit of the EU 27 leaders to push for measures to fight youth unemployment and improve corporate lending conditions, especially in southern Europe crisishit economies, to help boost investment and job creation.

The EU, which also includes 10 nations that don use the euro, has already earmarked some funds for programs tackling youth unemploymen clothing shopping online t.

Germany and France, the bloc biggest economies, have launched a drive to tackle it, although many details still remain unclear. Merkel will host a meeting on the issue next month of some EU leaders and the bloc 27 labor ministers. clothing shopping online