Europe's Jobless Youth

Business Week reports:

On paper, Jerome Delorme seems like a pretty desirable job candidate. The 23-year-old has a master's degree in European studies from the prestigious Sciences Po university in Grenoble—once a sure ticket to a top company, even in hard times. And he spent a year studying in Dublin, speaks fluent English, and has already had several high-profile internships. But in three months of looking for work, Delorme has been able to land only another internship, at a nonprofit organization. "The crisis has made getting a real job very difficult," says the native of the southern French city of Valence.

Delorme is typical of Europe's Gen Y these days. Most of his friends are also pounding the cobblestones in search of employment—as are about 5 million other young Europeans, or about 20% of the under-25 population, the European Union estimates. That's nearly a third higher than a year ago and well above the 8.9% unemployment rate for the EU as a whole. In some countries the situation is far worse. Nearly 37% of Spain's Gen Yers can't find work. In France, it's 24%, vs. 17% in the U.S.

Is more government regulation of the economy the answer in Europe? We don't think so.