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European Council President Herman Van Rompuy. Photo by EPA/BGNES
EU leaders pledged late on Thursday to launch a battery of new measures to combat the scourge of youth unemployment in the bloc.
The EU summit in Brussels decided to devote a total of EUR 6 B to fighting unemployment, prioritising the resources on regions where youth unemployment is higher than 25%.
In addition, the European Investment Bank is to borrow on the markets to increase lending to small businesses in an attempt to bypass the credit crunch and encourage the hiring of school-leavers, The Guardian informs.
European Council President Hermann Van Rompuy said that the EUR 6 B, which will directly target youth unemployment, could rise to EUR 8 B by scavenging other budget areas for spare money.
Across the EU, some 5.6 million people under 25 are without jobs.
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