Eurozone WARNING: Single currency crisis poses threat to democracy and ‘social cohesion’

Saturday, September 23, 2017
By Paul Martin

THE single currency crisis is posing a threat to “social cohesion” and democracy, a top banker has warned.

Sat, Sep 23, 2017

Mario Draghi, the president of the European Central Bank, delivered the warning and said youngsters were being worst hit.

Sky-high levels of youth unemployment were hitting the bloc and its impact was carrying “high costs for our societies”.

Mr Draghi raised fears the eurozone faces becoming home to a lost generation who have never worked and has warned of the timebomb of the ‘scarring effects’ of unemployment.

Although, the economy is showing signs of recovery unemployment in the European Union remains stubbornly high at 9.1 per cent – more than double Britain’s 4.3 per cent unemployment rate.

Figures show unemployment among the under-25s is 19.1 per cent but it is as high as 44.4 per cent in Greece and 38.6 per cent in Spain.

Mr Draghi, 70, who was speaking in Dublin, said: “In several countries the weight of the crisis has fallen disproportionately on the young, leaving a legacy of failed hopes, anger and ultimately mistrust in the values of our society and in the identity of our democracy.”

He underlined people facing up to long periods of unemployment was “scarring” and “has negative effects not only on life satisfaction, but also on health, and may persist well into later life”.

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