Strengthening economic recovery will continue to reduce the scale of youth unemployment, stated European Central Bank (ECB) President Mario Draghi on Friday.
In order to address the structural causes of youth unemployment, conditions such as a uniform level of worker protection, flexible employment contracts, vocational training, and market openness are necessary, Draghi said in Dublin. The prospects for youth employment also depend on the existence of effective labor market institutions, added the ECB president.
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The persistence and heterogeneity of youth unemployment rates in the eurozone even before the outbreak of the crisis shows that there is a need for specific measures to improve education and the functioning of the market in some countries.
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Labor market segmentation and poor vocational training are among the main reasons for the continuously high youth unemployment rates in several countries, Draghi added.
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Worker mobility among countries and sectors must be increased, Draghi asserted, adding that this will require appropriate supranational measures.
