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The European Bureau of Statistics recently reported that the latest employment data for the new year has made this winter even more challenging. In November of last year, the Eurozone's unemployment rate surpassed 10% for the first time since the introduction of the euro in 1999. Following the United States, the euro zone has now entered the "double-digit" unemployment era.
In response to these challenges, EU Trade Commissioner Karel De Gucht emphasized during his appointment hearing before the European Parliament on January 12 that the EU will not adopt a more lenient approach to anti-dumping policies in the next five years. Instead, he stated the opposite. He openly criticized the undervaluation of the Chinese yuan, suggesting it is a key issue affecting trade balances. Europe has increasingly blamed China for its high unemployment rates, and a new wave of trade protectionism against Chinese goods is gaining momentum.
Unemployment has lagged behind economic recovery, making it the top priority for Eurozone leaders in 2010. After ten years of the eurozone’s existence, the unemployment rate reached a historic high of 10% in November. That month alone, 100,000 people joined the ranks of the unemployed, bringing the total to 15.7 million. Coincidentally, the U.S. unemployment rate also hit 10% in the same month.
Looking ahead, the job market in the Eurozone remains uncertain. Experts predict that the unemployment rate will continue to rise in the first half of this year, similar to the trend seen in the United States. According to estimates from the European Commission in December, the EU-27 unemployment rate is expected to increase from 9.5% to 10.3% in 2010, with over 28 million people unemployed.
Although the U.S. and European economies exited recession in the third quarter of last year, both regions still face rising unemployment. During the crisis, major companies in Europe and the U.S. initially responded with layoffs, using the financial crisis as an opportunity to reduce costs. However, even as business conditions improved, many employers have been slow to hire again.
Since the 2008 crisis, the U.S. has seen 7.2 million job losses, while the Eurozone, despite various efforts to retain workers, has experienced over 4 million layoffs. With tens of millions of jobs lost and the number continuing to grow, the pressure on Eurozone politicians is immense. Additionally, with high debt levels, the region is struggling to create new jobs in the near future. As a result, blaming China for rising unemployment has become a convenient excuse, with some countries turning to protectionist measures against Chinese imports.
European trade protectionism is becoming a new strategy. China is the EU’s second-largest trading partner, yet in 2009, EU countries continued to impose anti-dumping measures against Chinese goods. From labor-intensive sectors like textiles and footwear to more advanced industries such as solar panels and energy-saving lamps, Chinese products are often targeted. However, these protectionist actions are far from comprehensive or effective.
During his testimony before the European Parliament, Karel De Gucht, the incoming EU Trade Commissioner, repeatedly highlighted China in his policy plans for the next five years, indicating the importance of the issue. Regarding controversial anti-dumping policies, he said he would work to improve them but warned that the reforms would not be too drastic. He emphasized that the direction of reform would not make the EU more tolerant, but rather the opposite. “This will be a revision, not a complete change,†he said. He also criticized China’s exchange rate policy, claiming that the yuan needs to appreciate to help balance global trade and support economic recovery.
In the new year, job creation has become a powerful tool for Eurozone politicians to gain public support. However, they ignore the real causes of the financial crisis and instead blame China’s exports for rising unemployment. This approach raises questions about their true intentions.
First, the current high unemployment stems from the Western financial crisis, which was driven by flawed financial models. Second, solving the unemployment problem requires internal solutions. Germany’s 5% economic contraction in 2009 was one of the worst in 60 years, while the Eurozone and EU as a whole saw a 4% decline. Reviving the European economy is essential to reducing unemployment. Governments should also encourage businesses to hire once demand returns, shortening the gap between economic recovery and job growth.
Finally, addressing global imbalances and unemployment requires international cooperation. The world has learned from the crisis that traditional industries cannot solve employment issues alone. New industries, such as green and low-carbon sectors, can create millions of jobs and promote balanced global growth. These developments require global collaboration, and trade protectionism only hinders progress.
July 12, 2025