The Senate Budget Committee (Chairman Kent Conrad, D-ND) held a hearing on the outlook for the European economic situation.
Three experts testified before the committee: Fred Bergsten, director of the Peterson Institute for International Economics;Simon Johnson, professor of entrepreneurship for Sloan School of Management of the Massachusetts Institute of Technology; and Adam Lerrick, visiting scholar from the American Enterprise Institute.
EU members met on Monday in Brussels to discuss possible solutions to boost growth and employment. Data released on Tuesday by Eurostat revealed that unemployment across the 17-country European Union was at 10.4% in December 2011—the highest since the euro was introduced in 1999. Unemployment among the youth is especially problematic, as figures from Spain show unemployment among adults under age 25 hovering at 48.7%.