Where to? - The EU unemployment post crisis
Yiannaki, Simona Mihai
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The paper combines under a literature review, secondary and tertiary data analysis, a unique construct of three perspectives: the new classical macroeconomics theory related to unemployment, a finance approach of the relationship with exchange rates and the legal repercussions of the social policy drawn by the latest Lisbon Treaty. When comparing the strong evidence of similar reactions following the recent 2007-2010 financial crisis with the post crisis situation of 1973, EU's performance looks always unfavourable compared to the one of the US. One of the reasons presented is the EU's four-folded modular pattern in social and political policies compared to a relatively unitary one across the Atlantic. Despite evidence of similar reactions, the difference between the two worlds regards a certain degree of inability to understand the core of the problem economically, socially and politically, leading to failure to find the appropriate applicable social policies towards economic success.