This is what an Obituary Notice looks like. It is the obituary notice for the European Union.it gives the main cause for its demise and inevitable and long awaited death. As gleaned from the Daily Torygraph of 27 October.
Europe’s unemployment crisis is the biggest threat to the social fabric of its moribund economies.
For all the talk of a cyclical upturn in the single currency – buoyed by record low oil prices and low interest rates – joblessness strikes at the heart of the eurozone’s political and economic malaise.
Unemployment in the currency bloc rose slightly in August to 11pc. And now new data from statistics body Eurostat lays bare the extent of Europe’s battle against persistent joblessness.
Of the eurozone’s near 18 million unemployed in the first quarter of the year, only 18.6 % – or 4.1 million – managed to find work over the subsequent three months. Just under 65% – remained luckless in their attempts to rejoin the labour force.
The numbers are just another glimpse of the chronic problem of long-term joblessness that plague the eurozone.
This gradual loss in valuable skills needed to re-enter the workforce, leads to a phenomenon economists have dubbed “hysteresis”. This is when periods of prolonged unemployment can become permanent.
The Eurostat figures show that only a pitiful 8.6 % of unemployed Greeks managed to find work in the second quarter of the year, compared to three months prior. That’s lower than some of the poorest parts of the non-EMU Europe – Slovakia, Bulgaria and Macedonia.
The numbers reflect a particularly tumultuous period in the country’s eurozone future, when crisis talks bought the economy to a halt.
Hysteresis is a sclerotic process that takes hold in economies in a state of perma-recession. Greece is arguably the best example in the eurozone – having suffered a downturn of greater magnitude than the US Great Depression of the 1930s.
Permanently depressed growth
Governor of the Bank of England Mark Carney has warned western policymakers to engage in a “race against hysteresis”. Mario Draghi of the European Central Bank has surmised it as the process when “cyclical unemployment becomes structural”.
But persistent unemployment is not merely a scourge to those who suffer being shut of the workforce.
” Not merely a scourge to those who suffer.. ” As if THEY ever gave a damn….Capitalism IS Suffering ..I’ve been amongst those waiting and campaigning and resisting ever since the rigged referendum back in 1975 ,guess the train’s finally shown up..