Economics
EU Dials Back Austerity Amid Recession, Youth Unemployment
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Recession-hit countries including France, Spain and Italy won greater budget freedom as the European Commission tried to stem the euro economy’s longest slump and bring down a 24 percent youth unemployment rate.
The commission eased up on the austerity policies championed by Germany in the wake of the debt crisis without proposing new spending programs for the 17-nation euro zone, set to be the world’s weakest economic link in 2013.