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The Italian government is doing
"fantastic" work, making a strong effort to invest in job
creation, European Parliament Speaker Martin Schulz said
Wednesday as he entered a summit on employment in Europe.
"(Leaders) must find a strategy for the creation of new
jobs, fast," said Schulz at the beginning of the summit that
brought together leaders of European countries, most of which
are facing sluggish growth and rising unemployment.
Young people have been hit especially hard by the slow jobs
market - in Italy, the youth unemployment rate is more than 40%.
Schulz said EU leaders must make the most of EU funds
available for spending that will lead to employment,
particularly for young adults.
He also called for a greater emphasis on stimulating
economic growth and less on balanced budgets, adding that he
supported efforts in this by the Italian government.
"(This) is not a summit on 3% but on employment and
growth," said Schulz, referring to European Union rules
requiring governments to hold their deficits at no more than 3%
of gross domestic product (GDP).
"We cannot require balanced public accounts without jobs
and growth," added Schulz.
"The solution is through public and private investment," he
added.
Italy and France have both publicly complained that this
requirement is too harsh during hard economic times and although
Premier Matteo Renzi has said Italy will meet that threshold,
France has said it will not until 2017.
Cutting spending to balance government books makes sense
only when economies are stronger, said Schulz.
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