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Latest unemployment report released from Eurostat for December month, show employment improved to levels last seen during 2011. Overall unemployment rate in the region dropped to 10.4%, which is a remarkable improvement, when compared to 11.4% seen a year ago.
Despite the improvement it is vital to know, still 1.5 million people remain eligible but unemployed.
Moreover, employment scenario across Euro Zone remains well-fragmented.
Germany remains a shining star with just 4.5%, unemployment rate. However there lies the headache. European Central Bank (ECB) sets policy for all 19 member states, which includes German with such low unemployment rate but also countries like Greece (24.5%), Spain (20.8%) and Cyprus (15.7%), where unemployment levels are very high.
Nevertheless evidence suggest, ECB's easing improving the scenario but it also shows fiscal adjustment is necessary. Countries like Spain that has pursued reforms, registered biggest improvement in unemployment rate as it dropped by 2.8% in one year. In Portugal unemployment dropped by 1.8%.
So, While ECB has kept policy accommodative, countries need to keep pursuing reforms to ensure further steady and sharp improvement.
