Unemployment in the single currency area differ sharply between member countries. According to Eurostat, Spain, Italy, Greece and Portugal have a youth unemployment rate between 30% and 50%, while countries like Germany, the Netherlands and Austria have a youth unemployment rate below 15%. There is some labor mobility in the Euro area but language, cultural differences and differences in insurance are still a barrier.
The overall unemployment rate in the Euro area is 11.1%. The euro area lacks a common fiscal policy, it also lacks a common unemployment insurance program and a common economic policy to address regional differences. A whole generation of Europeans will be wasted as a result of the high youth unemployment.
A common policy to address the current problems, implies a common European budget with a separate European Parliament that is solely dedicated to the euro area.