Germany Reformed Its Social Model. Europe Can, Too
Apr 19, 2012
Forget Europe’s debt disaster for a moment and look instead at a few numbers that dramatize the underlying problem. Unemployment in the euro area just climbed to a record of almost 11 percent. Do we blame the financial crisis and its aftermath? Europe didn’t do much better before 2008. Even before the crash, the jobless rate was stuck at between 7 percent and 8 percent, not exactly full employment. So Europe’s problem is older than the fall of the House of Lehman. Now slice the data another way.