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Thread: EU provides €19bn to tackle unemployment

  1. 3rd June 2009, 10:15 PM #1
    Ramon21
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    EU provides €19bn to tackle unemployment

    The Commission said that the European Social Fund expenditure will "support people hit by the economic crisis".

    Usually, the EU requires member countries getting social funds to match these with money from their own funds. However José Manuel Barroso, the European Commission President, said that the recession was so severe that the EU would forgo the rule.

    He said the funds would "help people to stay in work or move towards new jobs, through upgrading skills, encouraging entrepreneurship and improving public employment services".

    The EU also said that it would also "reallocate" €100m from the existing EU budget to go towards a new microcredit facility which will help people wanting to start up businesses.

    It said it would also commit to providing five million apprenticeships across the EU and a raft of other services.
    Still, even as the investor consensus ravages the euro, it's worth remembering that the same herd instinct not long ago was pronouncing last rites for the dollar. Last year, as China's central bank chief called for a new global currency and Russian central bankers dumped greenbacks to buy euros, many saw the dollar's decline as inevitable. Now, the dollar is riding high, and the euro looks bedraggled.

    "Views might change very quickly"
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  3. 4th June 2009, 01:02 AM #2
    bluefish
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    19 Billion between 27 countries?

    Wow that wont last long.
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  4. 4th June 2009, 01:14 AM #3
    Darren Mac an Phríora
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    I'll be happy to have some of that money directed my way... Seriously...
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