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Financial News: ECB's Draghi Says Economic Recovery Will Reduce Youth

ECB's Draghi Says Economic Recovery Will Reduce Youth Unemployment

09/22/2017 - 05:35:00 (RTTNews)

(RTTNews) - The strengthening of the recovery will continue to reduce the extent of youth unemployment, European Central Bank Mario Draghi, said Friday.

In order to address structural causes of youth unemployment, a uniform degree of protection among workers, flexible labor arrangements, vocational training and trade openness are necessary conditions, he said in Dublin.

The employment prospects of the young also depend on the existence of efficient labor market institutions, he noted.

The persistence and heterogeneity of youth unemployment rates across the euro area countries even before the crisis, suggests that there is need for specific policies to improve education and labor market functioning in some countries.

Segmentation of the labor market and poor vocational training are among the main reasons for the persistent high level of youth unemployment in several countries, Draghi added.

Labor mobility across countries and sectors is bound to increase. Draghi said this will require adequate supranational policies.

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