The euro began the week trading steadily just below $1.32 at $1.3196 at 6:00 GMT on Monday morning. The common currency retained its strength from last week's rise as eurozone leaders prepared for a June 27th summit to discuss the region's next steps.
Over the weekend, French President Francois Hollande concluded a two day trip to Japan by declaring that the eurozone's three year crisis was finally over. His comments came despite record high unemployment and tepid economic growth, but none the less he struck a confident tone in Tokyo.
German Chancellor Angela Merkel geared up for the campaign trail as she prepared to run for a third term in Germany's September 22nd elections. In her weekly podcast, Merkel urged member states to tighten their budgets and continue with labor reforms in order to return to growth. According to Bloomberg, Merkel also praised Germany on its efforts to keep the economy strong, citing the nation as an example to follow for its eurozone peers.
The EU leaders will come together on June 27th at a summit where unemployment is likely to take the top bill. With record high unemployment figures and an astounding 24 percent youth jobless rate, most policy makers have agreed that bringing these figures down is of high priority. Also expected to top the agenda is Greece's debt, which the International Monetary Fund is pressuring EU leaders to write off.
Ahead of the June 27th summit, labor ministers from Spain, Germany, Italy and France will meet on June 14th in Rome in order to discuss direct action to fight the region's growing unemployment problems. Last month, Merkel and Hollande met to discuss the same issue and agreed to throw six billion euros at the problem.
BY Laura Brodbeck
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EU Looks To Tackle Unemployment Problem
Published 06/10/2013, 07:55 AM
Updated 05/14/2017, 06:45 AM
EU Looks To Tackle Unemployment Problem
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