Employment: the failure of the EU compared with the rest of the world
Has the European Union succeeded in its theoretical objective of improving the well-being of the population? Above all, on Labor Day, let us ask ourselves whether the creation of the EU and the Euro has actually managed to improve employment, especially in comparison with other countries in the world. Because it is clear that economic cycles influence employment in an absolute way, but the important thing is the comparison with those nations that are not part of the EU, precisely to evaluate the advantages, if any, created by this institution.
To help us in this assessment @canalesovranista intervened with an ad hoc graph on the issue that compares employment in the euro area with that of the G7 and advanced economies. The result can be seen below:
What conclusions can we draw?
- the Union and the fixed exchange rate regime have not protected employment in the Eurozone. Indeed, during the mid-1990s and the debt crisis there was a dramatic increase in unemployment both relative to the G7 and relative to advanced economies.
- The difference is always notable between European data and the other two categories which, on the other hand, have a tendency to move in parallel.
Obviously the G7 and advanced economies, including Japan and the USA, countries with low unemployment rates, have lower values than the Eurozone, but it is clear that the Euro has not helped to defeat unemployment, on the contrary it has worsened the situation. And we have not made a comparison on equal terms with the weaker countries, such as Italy, Greece and Spain.
So what was the advantage of the single currency for the world of work? I leave the answer to you.
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The article Employment: the failure of the EU compared with the rest of the world comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/occupazione-il-fallimento-della-ue-comparato-con-il-resto-del-mondo/ on Mon, 01 May 2023 15:29:55 +0000.