German Finance Minister Wolfgang Schaeuble and Labor Minister Ursula von deer Leyen announced today in Berlin that the Angela Merkel-led government is finding ways to reduce unemployment in troubled areas of the E.U. and is planning to offer German techniques to Portugal and Spain.
Germany, Spain, Portugal, and Greece will join hands to enhance "efforts, also bilaterally, complementary to European programs, especially to improve the funding of small and medium-sized companies."
The Labor Minister suggested that if the German vocational training system is enacted, it may lower youth unemployment. In the March E.U. statistics office figures, the 24% of youth in the euro region maybe currently unemployed.
The Finance Minister stated his dissatisfaction in the speed of the European funds distributed to troubled countries. If European policies are to be taken more seriously, he commented, it must depend on the success of E.U. funds saving European unemployment.
At an event arranged by Germany's VAP foreign journalists' club, Von deer Leyen emphasized that Europe's strong, young jobless need to be given "answers" and "perspectives" for jobs. They are in need of solutions and visions to their condition.
Germany and Portugal's Finance Ministers discussed earlier today for the possibility of Germany granting support to Portugal to fund and subsidize the costs of Portuguese small and mid-sized companies.
In a joint statement from the two ministers, they "agreed to closely cooperate in preparing technical as well as financial support together with the German development bank KfW. KfW will also provide further technical support to the setting up of the new Portuguese financial development institution, a vital instrument for inviting in sustainable growth and job creation in Portugal."
The KfW bank, previously known as Kreditanstalt für Wiederaufbau Bankengruppe, was originally formed in 1948 as part of the Marshall Plan to aid reconstruction after World War II.
Von deer Leyen commented yesterday when he was in Spain about the necessity for Europe to develop an arrangement such that the private and the public sectors will work together to train young people. Germany and France are still in talks to solve Europe's youth unemployment debacle, and will deliver joint proposals on May 28.
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