- Feb 25, 2012
Mario Draghi ECB head gave the Henry Grattan Lecture at TCD yesterday.
It was, I think, excellent, and remarkable in many ways. At once technical and heartfelt, Draghi focussed on the curse of youth unemployment.
Apart from the obvious injustice that the old have been protected at he expense of the young, youth unemployment comes as a high economic cost. The young bring mobility to the workplace and are responsible for diffusing ideas and innovations more than any other age group. Mass youth unemployment, apart from the horrible social cost, damages future economic growth.
Urging governments to make the reforms he identified , he said "We have seen how in several countries the weight of the crisis has fallen disproportionately on the young people, leaving a legacy of failed hopes, anger and ultimately mistrust in the values of our society and the identity of our democracy".
Draghi emphasised the importance of vocational training, apprenticeships. Kids need real skills, and should not be spending years of their lives listening to spoofers in dreary IT's (OK Draghi didn't say that specifically, but that is what he meant)."With a large proportion of young people not having any defined role in society, there is a high risk of social cohesion and of trust in public institutions being undermined."
Draghi points out that the young do not want socialist subsidies - they want to make a meaningful contribution, work.
Irish youth unemployment is at 12.3% and has been ticking up recently. There is no room for complacency, and it must be hammered down.“In 2016, around 17% of people between the ages of 20 and 24 in the euro area were neither in employment, education or training, with Ireland being close to this euro area average. In Greece and Spain, the numbers are 23% and 21% respectively,”
Full speech here https://www.bloomberg.com/news/videos/2017-09-22/ecb-s-mario-draghi-addresses-trinity-college-dublin-video