EUROPEAN UNEMPLOYMENT

In 1999, the European Union decided to go one step further and started the proc- ess of replacing national currencies with one common currency, called the Euro. Only eleven countries participated at the start; since then, six more have joined. Some countries, in particular the United Kingdom, have decided not to join, at least for the time being. The increase in European unemployment since 2007 is primarily due to the crisis, and it is reasonable to expect that the unemployment rate will eventually return to its pre- crisis level. This issue is likely to remain a hot one for some time to come.