This brilliantly done diagram makes for very interesting reading. Showing both the current unemployment rates across Europe but also the minimum wages and minimum wage change across many countries. In terms of employment rate, then Spain is definitely fairing the worst, with figures at 23.6 %, a massive 11% greater than the EU average. Also in troubling times as we know are Ireland, Greece and also Lithuania with rate around 15%.
Minimum wages show a different story however, with Ireland topping the charts. Perhaps in order to get that employment rate down, then minimum wage may need to be reduced, in the last 10 years it has risen 45% to what seems like an artificially and incorrect level. However that being said, the UK’s minimum wage has only risen 8% in the same amount of time, and their economy is not fairing that much better.