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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 broke through 10% for the first time since the currency union was established in 1999. Following the United States, the euro zone now also faces an unemployment rate above 10%, marking a significant turning point.
In response to the growing crisis, EU Trade Commissioner Karel De Gucht emphasized during his appointment hearing in the European Parliament on January 12 that the EU will not become more lenient on anti-dumping policies in the next five years. Instead, he suggested the opposite: stronger measures. He openly criticized the undervaluation of the Chinese yuan, calling it a major issue. Many in Europe have begun blaming China for their high unemployment rates, and a new wave of trade protectionism against China is emerging.
Unemployment has lagged behind economic recovery, making it the top priority for Eurozone leaders in 2010. After a decade of the euro zone’s existence, the unemployment rate hit 10% for the first time. In November alone, 100,000 people joined the ranks of the unemployed, bringing the total to 15.7 million and the rate to 10%. Notably, the U.S. unemployment rate was also 10% at the same time.
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 what is happening in the U.S. According to estimates from the European Commission in December, the EU-27’s unemployment rate is expected to increase from 9.5% to 10.3% in 2010, with the number of unemployed reaching 28 million.
Although the U.S. and European economies have exited recession and entered positive growth, unemployment continues to rise. During the crisis, companies initially cut jobs to survive, but even as demand improved, many employers hesitated to hire again. This delay between economic recovery and job creation is causing concern.
Since the start of the financial crisis in 2008, the U.S. has seen 7.2 million layoffs, while the Eurozone, despite efforts to retain workers, has experienced over 4 million job losses. With millions of workers losing their jobs, the pressure on Eurozone politicians is immense. Additionally, with high debt levels, creating new jobs in the near future is extremely difficult. As a result, some Eurozone leaders are using China as a scapegoat for rising unemployment, justifying increased trade protectionism.
European trade protectionism is becoming a new policy approach. China is the EU's second-largest trading partner, yet in 2009, EU countries continued to launch anti-dumping investigations against Chinese goods. From labor-intensive products like textiles and footwear to more technologically advanced items such as solar panels and energy-saving lamps, China is a frequent target. However, these protectionist measures remain limited in scope.
At the European Parliament hearing, Karel De Gucht, who is set to become the new EU Trade Commissioner, frequently mentioned China in his policy plans. While he said he would work to improve the EU’s anti-dumping rules, he indicated that the changes would not be drastic or overly lenient. Instead, the reforms would aim to make the policies stricter. He also criticized the Chinese yuan’s exchange rate, urging Beijing to let the currency appreciate to reduce global trade imbalances.
Blaming China for unemployment is a convenient political move, but it ignores the real causes of the crisis. The economic downturn in the West was driven by flawed financial models, not external factors. To address unemployment, Europe must focus on its own recovery. Germany’s 5% economic contraction in 2009 was one of the worst in decades, and the entire Eurozone saw a decline of about 4% last year. Reviving the economy is the key to reducing joblessness.
Moreover, governments should encourage businesses to create jobs as soon as conditions improve, shortening the gap between economic recovery and employment growth. Finally, addressing global imbalances and unemployment requires international cooperation. The development of green and low-carbon industries offers new opportunities for job creation worldwide. These sectors need global collaboration, not trade barriers. Protectionism only worsens the problem.
July 12, 2025