Unemployment And Inflation In Euro Zone Economics Essay

The 2008 – 2012 planetary recessions that roam the universe caused planetary economic diminution that start in the December 2007. The event was commented by Paul Krugman ( Winner of Nobel Memorial Prize in Economics ) as apparently the beginning of “ a 2nd Great Depression ” ( Krugman, 2009 )[ 1 ]. Therefore, there is a certain research value on this event.

The effects of this event on unemployment and rising prices rate were covered widely by the media as it is the major concern for all society. In this assignment, “ Macroeconomicss in the News ” the subject of “ unemployment and rising prices in Euro zone ” will be a series of information sharing from intelligence articles that was extracted from the cyberspace.



Article NO.1 ( Unemployment and Inflation Rise in Euro Zone )

Harmonizing to David Jolly, unemployment rate in the EU rose to 10.1 % in January 2012 from 10.0 % in December 2011 seting 24.3 million people out of work. The figure is higher than in the United States ( 8.3 % ) and Japan ( 4.6 % ) . The highest unemployment rate in EU state is Spain 23.3 % followed by Greece 19.9 % , while the lowest is Austria and The Netherlands with an unemployment rate of 4.0 % and 5.0 % severally. On the other manus, Germany suffered merely 6.8 % of idle rate which is the lowest the state has been in old ages. Ken Wattret, main euro zone economic expert at BNP Paribas, said the province of idle in EU is improbable to be impermanent.

The European Central Bank ( ECB ) besides failed to command the EU rising prices which the rising prices rate increased from 2.6 % in January 2012 to 2.7 % in February 2012. The addition of energy monetary values and existent estates are the incrimination for the rising prices said Ben May ( economic expert with Capital Economics ) . To decline the instance, ECB lends about $ 1.3 trillion doing the money supply to turn quickly and do rising prices.

Article NO.2 ( Unemployment affairs more than GDP or rising prices )

Harmonizing to Mehdi Hasan, the unemployment rate in Euro Zone had risen to a record high of 10.7 % . This causes the self-destructive rate to increase. There were non many suited determinations were made to get the better of the job due to the restlessly fiddle over the over adoption bounds, financial compacts, and alterations of pact by the EU ‘s leaders.

On the other manus, financial stimulation that was carry out by The United States work out but the EU ‘s leader relentless to give this a attempt to salvage their economic system. Furthermore, when rate of unemployment reduced, shortages can be cut downing excessively. As when people have their occupations, revenue enhancements can be paid, there will be end product for the state and authorities will be passing less in societal public assistance payments.

Unemployment are making immense societal job in the EU. But the leaders are unable to do wise determination to cut down the dole[ 2 ]and salvage people out of the idle province.

Article NO.3 ( Is the UK ‘s slow growing and high unemployment truly caused by the Eurozone crisis? )

The British Government claims that the slack economic growing and high unemployment are cause by the economic crisis in the Eurozone. Harmonizing to Polly Curtis, the Eurozone crisis was non impacting the export of United Kingdom to the Eurozone as statistic show at that place 17.8 % hiking.

There are few grounds contribute to the slow growing. One of it is confidence degree due to the Eurozone crisis. Another is the mountain of debt that the authorities owes. On the other manus, economic policies to cut disbursement and increase revenue enhancements have gone excessively fast and excessively far.


Money was spend in the incorrect topographic point

Harmonizing to Article No.2, the governor of Bank of England had pass a creative activity of ?325bn of new money to bail out Bankss alternatively of utilizing merely around ?26bn – ?50bn to make more occupation. Based on an premise made, a new occupation created will be ?26,000 which is a average wage for UK worker ; and if the money is injected to make occupations, a million people will derive salary every month.

Unsuitable authorities disbursement cuts and revenue enhancements increase

Harmonizing to Article No.3, authorities disbursement and revenue enhancements play a chief contributing factor in finding the rate of unemployment. When authorities disbursement reduced, houses ‘ income will travel down every bit demand is the market reduced. Furthermore, when revenue enhancements rose, cost will increase and workers will be lay off to salvage cost. In Greece, the EU imposed cuts and it left one in five people to be unemployed.


Harmonizing to Article No.2, due to the planetary fiscal crisis, The United States ‘ economic system got a great hit excessively. By enforcing a financial stimulation policies by the authorities economic experts, The US private sector occupation growing for 23 months continuously, with 3.7 million new occupations created. The American Recovery and Reinvestment Act were imposed by The US president, Barack Obama and unemployment benefit claims are at a record ‘s low. If the EU authorities are able to enforce such policy, unemployment will be overcome.



Harmonizing to Article No.2, the self-destructive rate in Greece had climbed 40 % . Unemployment really represents human self-respect and self-worthy. An unemployed individual has to confront many job such as fiscal adversity, emotional emphasis, depression, lethargy loss of morale and position, shame, illness and premature decease ( Psychological Effectss of Unemployment and Underemployment, 2012 )[ 3 ]. These will leads to worse scenario such as lifting offense and societal upset where protest will inevitable took topographic point for illustration in the Spain where 10s of 1000s of Protestant go on street to protest against asceticism and inexorable economic system.


Harmonizing to Article No.2, as unemployment rate addition, budget shortages will increase. As more people are idle, authorities ‘s income will be cut down for illustration income revenue enhancements due to many idle people has no income ; others indirect revenue enhancements will take a hit excessively as the power of devouring cut down due to the people do non hold income. Government reassign payment such as societal public assistance will increase excessively as idle people are qualified to obtain welfare payments.


The 3 grounds that causes unemployment stated above were shown that the chief effects are rooted from the leaders and the policies.

Based on 2.2.1, many policies shapers put those powerful and influence parties as their top precedence, pretermiting the minor powers which are the common mans that built up a big figure. Although bankers play an of import function in an economic system, the injection to bail out should be distributed equally as the people make up the state. When the people gain income from their occupation, power to buy will increase and force the productiveness higher as demand addition.

Furthermore, the program to acquire people back to work can assist the state to cut adoptions. When people are in work, income revenue enhancements can be cod and reassign payment such as unemployment public assistance benefits can be cut down. The state ‘s income will increase to let go of from the debt, refund the debt involvement and halt borrowing money from foreign beginning.

On the other manus, unemployment is non merely about economic system. It involves existent homo being which can non the measured accurately. Long term unemployment will convey down a individual ‘s morale and the enthusiasm in contending for a brighter hereafter. This can convey down a authorities in no clip as when the unsatisfactory of the people are conveying to a bound will do public violence and crumple the state ‘s sovereignty.



Harmonizing to Article No.1, one of the major causes is due to monetary value hiking in planetary energy monetary value and existent estate monetary value. As the cost of basic necessities addition, other merchandise and services experience monetary value hiking excessively. This cause the existent income to be lower and the power of devouring lowers excessively.


Harmonizing to Article No.2, the leaders in pull stringsing the state ‘s economic system besides contribute the rise of rising prices. This may do the state ‘s currency to bead and buying power goes down. Over printing of the money will make more money in the market go forthing a side consequence where there are a batch of money while deficiency of merchandise and services.


Harmonizing to Article No.3, when a state ‘s economic system had gone into a recession, foreign investor and possible investor will non shoot their capital into the state as they fear to face losingss. When deficiency of investing, productiveness will travel down and the state ‘ will be deficiency of merchandise and services.


In this capitalize economic system, the commanding power prevarications on the manus of the rich, where the rich got richer and the hapless live an unworthy life although attempts were inputted.

To obtain more wealth, existent estate has been the sphere to quaff net incomes and prehending control over the common mans. Due to the land for development are acquiring lesser and a topographic point to name place is a necessity, existent estate belongingss were bought and resold at a astronautically monetary value to derive fast net income. When people spend most of their income for a topographic point to kip and another half of the income for transit, the rate of ingestion in other merchandise and services will be cut down. When the demand for merchandises and services reduced, houses will confront losingss and may declare bankruptcy which put the economic system in a province where money are more than what it can purchase in the market.

On the other manus, making money out of thin air will do the money supply in the market to travel out of control. This state of affairs had been face by Malaysians during the Nipponese insurgence back in the World War II where the currency that issued was non taken count of the current economic system state of affairs.

In sarcasm, the BASIC of economic sciences thought us to cut adoptions is by holding people back to work and pay revenue enhancements. But the authorities seems holding a difficult clip to understand this theory. The US successfully in holding a cut in unemployment and back on path in no clip by enforcing a suited financial policy while the European are holding a protest on the base of their leaders.

A wise action taken by former Malaysia Prime Minister, Dr. Mahathir in confronting the 1997 Asiatic Financial Crisis. Where he refuses to accept loan from the IMF and stabilised the currency to salvage the economic system. When a state is in debt, most of the state ‘s income will be giving out to unclutter it although the crisis was long over ; while bracing the state ‘s currency can assist in foreign concern dealing and excite the growing of the economic system. Although many economic expert claimed that the determination will set the state in deep H2O and proposed to accept the aid from IMF, against all odds Dr. Mahathir stands house and injected financess to assist people to acquire back to work ( Lu )[ 4 ]. This action shows that a leader ‘s determination and direction is the important key to forestall rising prices in acquiring worse.


Unemployment and rising prices are tightly link as shown above. Both are the chief concern for the common mans that stand a immense function in a state. Nations ‘ leaders and economic experts should set this as their chief precedence in confronting economic crisis.

Back to basic, one ‘s state economic system is based on its footing. This economic crisis shown great powers will non merely stays in a individual ‘s manus ; in this instance, over assurance and over outlook towards those great states in the EU reveals the exposure and the empty shells of those chesty great powers.

Last, we must ever retrieve that the same knife cut staff of life and finger. Over manipulating of asceticism policies may convey much net income, but in the same clip it will topple the balance of the market. Hence every determination must be planned in able to counter step crisis that cause immense lesion.


Article NO.1 ( Jolly, 2012 )

Beginning: Reasonably, D. ( 2012 ) . Unemployment and Inflation Rise in Euro Zone. The New York Times.

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March 1, 2012

Unemployment and Inflation Rise in Euro Zone


PARIS – Unemployment in the euro zone has risen to its highest degree since the debut of the common currency even as rising prices climbed, economic studies showed Thursday, underlining the challenge confronting European finance functionaries as they met in Brussels.

The idle rate in the 17 euro states rose in January to 10.7 per centum from 10.6 per centum in December making the highest degree since the debut ofA the euroA in 1999, A Eurostat, the statistical bureau of the European Union, reportedA from Luxembourg. Flaging economic systems like Italy and Greece were responsible for much of the addition.

For all 27 European Union states, the idle rate ticked up to 10.1 per centum in January from 10.0 per centum in December, Eurostat said, with a sum of 24.3 million work forces and adult females out of work.

Eurostat besides reported thatA euro zone inflationA edged up in February to 2.7 per centum, from 2.6 per centum in January. The European Central Bank tries to keep additions in the general degree of monetary values to merely under 2 per centum ; it has non met that mark for 15 back-to-back months.

The informations were released as European finance functionaries were run intoing in Brussels to discourse steps aimed at seting the part ‘s economic system back on house terms.

Eurostat did non supply a dislocation of the rising prices informations in the preliminary study, but Ben May, an economic expert with Capital Economics, attributed the addition to lifting energy monetary values. Mr. May noted in a study that euro zone rising prices “ has late slowed less aggressively than that in the U.K. and U.S. , possibly proposing that the economic lag is non holding rather the downward influence that we anticipated. ”

The E.C.B. has lent Bankss about a‚¬1 trillionA , or $ 1.3 trillion in three-year loans at a 1 percent involvement rate over the last few months. That, along with money-printing by other major cardinal Bankss, has renewed frights in some quarters that the money supply may be turning excessively quickly, with a potency for higher rising prices.

But the planetary pecuniary governments have been mostly in understanding that deflationary force per unit area from worsening existent estate monetary values and deleveraging by families and fiscal establishments is the greater danger.

The unemployment rate in Europe remains higher than that in the United States, where the rate was at 8.3 per centum in January, and in Japan, where it was 4.6 per centum in December.

European states however diverge widely: Spain once more topped the list with a 23.3 per centum idle rate, followed by Greece, at 19.9 per centum in November. That compares with merely 4.0 percent unemployment in Austria and 5.0 per centum in the Netherlands.

And in Germany, where the seasonally adjusted idle rate stood at 6.8 per centum in February, the occupation market is the strongest it has been in old ages.

“ The labour market informations is interesting chiefly for the divergency across parts, ” Ken Wattret, main euro zone economic expert at BNP Paribas, said bv telephone from London. “ It looks like unemployment is bettering in the United States while Europe is acquiring worse. ”

“ It ‘s improbable to be impermanent, ” Mr. Wattret said.

He said there were evidences for optimism in a study onA European manufacturingA released Thursday. An index of euro zone buying directors compiled by Markit Economics, a fiscal information house, rose to 49.0, a six-month, from 48.8 in January.

Mr. Wattret said that while a figure below 50 suggests the sector was go oning to contract in February, “ if you look at the underlying impulse, I think it will lift further. ”

“ I think we ‘re in one of those stages where fabrication is bettering globally, ” Mr. Wattret said, observing some marks of betterment in the United States. “ But Europe typically lags. ”

“ Do n’t acquire carried off, ” he added, observing that for 2012 the euro zone would demo, “ at best, a negligible growing rate, but compared with where we were in October-November ” – amid frights of a euro prostration – “ that would be a reasonably good result. ”

Article NO.2 ( Hasan, 2012 )

Beginning: Hasan, M. ( 2012 ) . Unemployment affairs more than GDP or rising prices. The Guardian.

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Unemployment affairs more than GDP or rising prices

Idle figures are the one major economic index that measures people. And they demonstrate the toll in wretchedness across Europe

Mehdi Hasan

Mehdi Hasan

guardian.co.uk, A Sunday 4 March 2012 21.00 GMT

Illustration by Andrzej Krauze

There is a spectre haunting Europe – the apparition of mass unemployment. On Thursday it was announced that the eurozone ‘s unemployment rate had risen to a record high of 10.7 % in January. That ‘s 16.9 million people out of work across the 17-nation euro country.

Across the 27-member European Union unemployment is besides exceeding 10 % for the first clip: a jaw-dropping 24.3 million jobless. The sheer size of the continent ‘s turning ground forces of unemployed workers is hard to grok.

Spain holds the EU record, with unemployment at 23.3 % , or 5.3 million people – and lifting. “ This is the awful malignant neoplastic disease of our society, ” said Rafael Zornoza Boy, the bishop of Cadiz, last hebdomad. Yet premier curate Mariano Rajoy ‘s new ( and conservative ) authorities ‘s supplications to give Madrid some leeway on disbursement cuts fell on deaf ears atFriday ‘s EU summitA of financial self-flagellists in Brussels. Then there is poorA Greece, where EU-imposed cuts have left one in five unemployed and have driven up the self-destruction rate by 40 % . Austerity is, literally, killing Europeans.

Poll after canvass shows electors across the EU attention much more about the occupations shortage than they do about the budget shortage. However, the proverbial Martian, set downing in Brussels last hebdomad, would hold been stunned to witness the complacence and indifference of the continent ‘s political elites to the crisis of gyrating joblessness. EU leaders continue to shirk – over borrowing bounds, financial compacts, pact alterations – as their economic systems clang and burn. The asceticism gamble has n’t paid off. Fiscal consolidation has failed to spur growing or hike employment.

Fiscal stimulation, on the other manus, works. The US has had 23 back-to-back months of private-sector occupation growing, with 3.7m new occupations created over the past two old ages thanks to Barack Obama ‘s American Recovery and Reinvestment Act. US unemployment benefit claims are now at a four-year depression.

But Europe ‘s political and fiscal elites – led by asceticism drug addicts such as “ Merkozy ” , the European Central Bank’sA Mario DraghiA and, of class, our really ain David Cameron – make-believe non to detect. Here on the idle side of the Atlantic, the lone solution to austerity-induced unemployment, it seems, is more asceticism. In Brussels, eurozone finance curates threatened to enforce singing mulcts on those member provinces, such as Spain and the Netherlands, that may lose their budget shortage marks. If insanity, as Albert Einstein is said to hold one time remarked, is making the same thing over and over once more and anticipating different consequences, so our leaders have gone huffy.

The sarcasm is that mass unemployment itself is the biggest barrier to shortage decrease. Basic economic sciences Teachs us that the best manner to cut adoption degrees is to acquire people back to work and paying revenue enhancements. Or asA John Maynard KeynesA put it: “ Look after unemployment and the budget will look after itself. ”

But Europe ‘s crisis is n’t merely about economic sciences. Unlike GDP or rising prices, unemployment is the lone major economic index that measures existent human existences, instead than growing or monetary values.

Having a occupation is n’t merely about gaining a life or paying revenue enhancements ; it ‘s about human self-respect and dignity. The human and societal costs of unemployment are well-documented: fiscal adversity, emotional emphasis, depression, lassitude, loss of morale and position, shame, illness and premature decease. Then there is the hopelessness that frequently leads to lifting offense, upset and societal agitation. We can likely anticipate a new moving ridge of public violences and force in the continent ‘s metropolis Centres.

The calamity is that there is nil ineluctable about Europe ‘s unemployment crisis. The US is cogent evidence that even the most modest of financial stimulations can make occupations. But politicians in Germany, where mass unemployment in the 1930s helped the Nazis seize power, garbage to permit any relaxation of the financial bag strings inside the EU, reasoning that such a move would increase adoption costs and might panic the bond markets. Yet, as the Nobel-prizewinning economistA Christopher PissaridesA has written, “ a little rise in aureate involvement rates is a little monetary value to pay for more occupations ” .

Here in the UK, where unemployment stands at a 17-year high of 2.7 million ( or a astonishing 6.3 million if the “ underemployed ” are included ) , our ain do-nothing Chancellor of the Exchequer, George Osborne, continues to proclaim that “ the British authorities has run out of money ” . Truly? Possibly he should hold a word with Mervyn King. Over the past three old ages, the Bank of England governor has, with a mere pat on his keyboard, authorised the creative activity of ?325bn of new money, out of thin air, through a procedure of “ quantitative moderation ” ( QE ) . This, nevertheless, has so far been used merely to bail out the bankers. Why non utilize it to bail out 1000000s of idle Britishers?

If we assume it would be ?26,000 ( the median wage for UK workers ) to make each new occupation, the cost to the authorities of seting a million people back to work would be ?26bn – or around half of the latest ?50bn tranche of QE released by the Bank last month.

How many more of Europe ‘s occupations will be sacrificed at the communion table of shortage decrease? How many more lives ruined, households impoverished and communities destroyed in chase of growth-choking, job-killing, self-defeating asceticism? It is unacceptable for authoritiess to stand by as dole waiting lines lengthen. Unemployment is non a monetary value worth paying. Nor is it a monetary value that has to be paid.

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Article NO.3 ( Curtis, 2011 )

Beginning: Curtis, P. ( 2011 ) . Is the UK ‘s slow growing and high unemployment truly caused by the eurozone crisis? The Guardian.

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Is the UK ‘s slow growing and high unemployment truly caused by the eurozone crisis?

The authorities has blamed the UK ‘s economic sufferings on the eurozone crisis. Is that just? A Polly Curtis, with your aid, finds out. Get in touch below the line, e-mail your positions topolly.curtis @ guardian.co.ukA or tweetA @ pollycurtis

Jobcentre waiting line

Prospects for the unemployed are worse for people in London and the north-east, the TUC says. Photograph: Oli Scarff/Getty Images

The claim

The authorities is faulting slow economic growing and high unemployment in the UK on the eurozone crisis. Asked today aboutA projections that unemployment could lift, and decelerate economic growing, A Mark Hoban, the fiscal secretary to the Treasury, told the BBC:

Mark Hoban

The eurozone is holding a chilling consequence on the UK economic system ; we saw the CBI prognosis last hebdomad, and John Cridland said because of what ‘s go oning in the eurozone, they ‘ve downgraded their prognosis. So we do need to see eurozone states stepping up to the home base.

I ‘m traveling to analyze the UK economic informations on growing, exports and ingestion to set up whether its carnival for the authorities to fault slow growing and high unemployment on delicate province of the euro. Do you hold any grounds or sentiments on the authorities ‘s analysis?

Get in touch below the line, e-mail your positions toA polly.curtis @ guardian.co.ukA or twirp me @ pollycurtis


GDP has increased by 0.5 % over the past twelvemonth. It fell by 0.5 % in the last one-fourth of 2010, rose by 0.5 % in the first one-fourth of this twelvemonth, 0.1 % in the 2nd and 0.5 % in the 3rd. The Office for Budget Responsibility ‘s independent anticipation of 2.6 % growing in 2011 is now wholly unattainable and theA IPPR thinktank predictsA that even by factoring the most optimistic projections for the last one-fourth of this twelvemonth in, it will make merely 1.2 % . My co-workers on the Guardian ‘s datablog have published GDP figures traveling back several decadesA here. The low point came last December, predating the current eurozone crisis.

The lethargy of economic growing in the UK predates the current eurozone crisis

Labour has been foregrounding official statistics, published last hebdomad, demoing that the UK ‘s exports to the eurozone rose by 17.5 % if you compare the past three months ( stoping in September ) with the same period last twelvemonth. This is higher than to non eurozone states inside the EU and elsewhere. You can see that dataA here. Labour claims this means that the eurozone ca n’t be blamed for slow growing in exports over the past twelvemonth. However, there is a noteworthy downswing in exports to the EU of -1.4 % in the three months to September compared with the three months before that, bespeaking that it is possible that the eurozone crisis is get downing to be felt.

UK exports to eurozone states have risen aggressively in the past twelvemonth disputing the authorities ‘s claims that the sulky economic system is the consequence the eurozone crisis – but that consequence is now get downing to crawl in.

Low unemployment besides pre-dates the eurozone crisis. The figures below show that the employment rate has flatlined over the past two old ages, since the terminal of the recession.

Consumer disbursement in the UK has meanwhile fallen, the undermentioned chart shows, bespeaking domestic jobs are besides a factor.

There is clear grounds that the UK ‘s economic sufferings predate the current eurozone crisis, which has escalated significantly in the last month.

Mark Hoban ‘s mention to the Confederation of British Industry ( above ) is somewhat misdirecting in that he appears to manipulate the timing of the CBI ‘s warning. The CBI hasdowngraded its growing expectationsA for this twelvemonth in visible radiation of the eurozone crisis, but it ‘s clear that the impact of the crisis is recent, instead than responsible for the longer term tendency. His remarks on the Today programme that the crisis in “ recent hebdomads and months ” had cast a long shadow over the UK ‘s economic system, was fairer.

I ‘ve merely been talking with Sajid Javid, the Tory MP for Bromsgrove and George Osborne ‘s parliamentary private secretary, who explained the Conservative place. He said:

There ‘s no inquiry that it [ the eurozone crisis ] affects assurance. British concerns and enterprisers have had assurance sapped by the eurozone. Even if we ‘re non portion of it, the eurozone is more than 50 % of the export market, our investings in euros will be impacted. It ‘s a assurance issue.

What Labour is right about is that you ca n’t fault everything on the eurozone crisis. The economic system was run so severely for many old ages that Labour is to fault for many of the jobs, the biggest of which is the debt mountain. If Labour is stating our lethargy in growing is non entirely down to the eurozone, so it ‘s down to Labour. If we did n’t hold the largest shortage of the European states we would be in a better place to cover with the challenges that lie in front for all states.

You can fault [ slow growing and high unemployment ] on the eurozone and Labour. It ‘s convenient for Labour to merely speak as if eurozone is the lone job. The biggest job is Labour and how it ran our economic system for a decennary.

Labour ‘s Liam Byrne has merely issued a statement stating:

Liam Byrne

Unemployment started lifting once more good before the current eurozone crisis. The Government ‘s economic policies – disbursement cuts and revenue enhancement rises that go excessively far excessively fast – have choked off growing and led to record degrees of unemployment, with youth unemployment surging. The grounds for a alteration of class is stacking up. Labour has shown there is a better manner with a five point program for occupations and growing that would acquire our economic system traveling once more so we can acquire the shortage down.


The authorities ‘s claim that the eurozone is behind its economic battles is weak. Sluggish growing pre-dates the current eurozone crisis. However, there are clear marks in the export market, employers ‘ ain anticipations and consumer assurance that the crisis is now get downing to seize with teeth here in the UK.

Labour is besides being somewhat artful in its representation of the authorities ‘s place – the curates appear to be speaking about more immediate economic jobs of recent “ hebdomads and months ” instead than the last twelvemonth or so. More elucidation is needed from curates so that they do n’t misdirect people and fault the eurozone for a longer term economic jobs.

Do you hold any grounds to add? What did I lose? Get in touch below the line, e-mail your positions toA polly.curtis @ guardian.co.ukA or tweet meA @ pollycurtis



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