Underemployment is even growing in weaker labour markets, such as those in France and Italy. The still weak labour market in many regions of the euro area is one of the gravest ongoing consequences of the recent financial crisis and an indication that the recovery is still weak.
This is particularly true with respect to the high level of underemployment in peripheral regions and among young people. Thus, while the euro area economy looks increasingly healthy on average, it becomes clear on closer inspection that a lot still remains to be done to move onto a sustainable, integrative path of prosperity.