Spain could be facing financial penalties from the European Union if it does not take tangible steps to lower its high unemployment rates, local reports said on Monday.
These penalties could reach 0.1 pct of Spain’s GDP, equivalent to one billion euros, in accordance with the EU’s economic strategy agreed in March 2010.
Spain has the highest unemployment rate in the EU, with an average exceeding 21 pct, representing almost double the 10.2 pct rate of its EU counterparts.
Under the EU’s 2020 strategy, the development of the economies of member countries’ is being monitored to reach the goal of becoming smart, sustainable and inclusive. This development is being assessed over several areas, namely on the levels of unemployment and public deficit.