Brussels, 24/05/2012 (Agence Europe) - At the informal European Summit of Wednesday 23 May, the President of the European Commission, José Manuel Barroso, outlined the success of the Commission's action plan for tackling youth unemployment. Some 460,000 young people and 56,000 small businesses will be able to directly benefit from unused Structural Fund cash, which is being rechannelled to help the unemployed.
In order to show that the Commission is determined to make a contribution to stimulating economic growth, Barroso presented the EU's heads of state with the first results of the reallocation of Structural Funds in the eight EU Member States worst affected by unemployment. Earlier this year, Barroso suggested that the nearly €82 billion of unused cash sitting in the Structural Funds as at the end of December 2011 be used to tackle youth unemployment and create jobs in small and medium-sized enterprises.
In the eight Member States where youth unemployment stands at over 30%, namely Greece, Ireland, Italy, Latvia, Lithuania, Portugal, Slovakia and Spain, special initiatives have been introduced by the Commission and national experts and Barroso briefed the heads of state on the positive outcomes already achieved. Only a few months after reallocating the Structural Fund monies, no fewer than €7.3 billion is now available for providing direct aid to at least 460,000 young people and at least 56,000 small businesses, explains the Commission.
Barroso described the approach taken in each Member State in question. Measures are already up and running in some countries and are in preparation in others. The cash is being used for training courses in Ireland, reducing school drop-out rates in Italy (in Sicily), training courses in Portugal and job creation in the construction industry in Greece. All eight countries will be providing access to funding for small businesses. (MD/transl.fl)