- UK's Institute of Directors chief economist Graeme Leach
The number of people out of work in the Eurozone's 17 countries that have the Euro in circulation hit a new high in November, a sign that region's crisis is far away from being resolved. The overall jobless rate soared to 11.8% to a total of 18.8 million people, who are currently looking for job. More than 26 million people are now unemployed across the European Union. The youth unemployment in the Eurozone and wider EU rocketed to 24.4% and 23.7%, respectively. The figures are representing the task for EU leaders to repair the region's economies.
"It is clear that the economic implosion of several member states continues at a troubling pace," said the UK's Institute of Directors chief economist Graeme Leach. "The headline figures spell bad news, but that is compounded by the political and human impact of terrifying levels of youth unemployment in Spain, Greece and Italy. This saga is far from over, whatever President Barroso may believe, and it seems it is set to get worse in 2013."
BBC Economics Correspondent Andrew Walker said: "The biggest rises, in percentage terms, were in countries at the centre of the eurozone financial crisis - Greece, Spain, Cyprus and Portugal. One striking exception to that pattern was the Republic of Ireland where unemployment fell. "
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