"Unemployment is rising
markedly in many euro-zone countries (we will look at the cases of France,
Spain, Italy and Portugal). To combat unemployment, the causes of unemployment
must first be identified.
- Are we dealing with
Keynesian unemployment, linked to sluggish demand and to underutilisation of
production capacity? At present, the answer is yes, but the proportion of the
unemployment that has a Keynesian origin is small (except in Spain).
- It is a fact that euro-zone
countries are characterised by low productivity gains, in certain cases
(France, Italy) by a high tax burden, by significant destruction of
production capacity and by a decline in investment since the crisis. Structural
unemployment is therefore high, and a reduction in Keynesian unemployment
would rapidly bring the unemployment rate to the level of structural
unemployment."
