Visualizing The European Monetary (Dis)Union
While we are told day-after-day just how 'fixed' Europe is; just how 'past the crisis' they are; and just how close to banking union; the reality is the nations of Europe are as disparate as they have ever been. We discussed the dismal unemployment picture last week, but one glance at the chart below will highlight the growing divergence between the haves and have-nots in Europe. As Bloomberg's Niraj Shah notes, unemployment rates are diverging at record levels in the euro area.
The rate fell 1.9 percentage points in Estonia and 1.4 percentage points in Ireland while hitting euro-era highs in Greece, Spain, Portugal and Cyprus versus a year earlier. The jobless rate fell 0.1 percentage point in Germany and Malta compared with April 2012. Unemployment in the region is up by 1.64 million in a year to 19.375 million.