BoE's Nickell on European unemployment

In a speech 'A Picture of European Unemployment: Success and Failure' given on 26 March, Stephen Nickell of the Bank of England said average unemployment in Europe today is relatively high compared with OECD countries outside Europe. The majority of countries in Europe today have lower unemployment than any OECD country outside Europe, including the US.

These two facts are consistent, Nickell said, because the four largest countries in Continental Western Europe namely, France, Germany, Italy

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