EU funds to be used to address youth unemployment

Unused funds from the current EU financial framework will be used to address youth unemployment and to promote competitiveness of Small and Medium Enterprises (SMEs), Head of the Representation of the European Commission in Cyprus Androulla Kaminara has said.

Speaking during the presentation here of the annual Report of the European Court of Auditors (ECA) for 2010, Kaminara noted that “as regards proposals for the re-allocation of certain funds especially for the unemployed young people and the SMEs there will be no re-allocation among the member states.”

She added that funds which have not been allocated in each member state and which were directed for other policies they will now be used to address the issue of unemployment among young people and to promote competitiveness mainly among EU SMEs.

Kaminara said that over 90% of European citizens are working to SMEs “and therefore our aim is to help this field of the economy.”

Asked about the results of the Informal European Council held on January 30, Kaminara said that one of the agreements were that there will be immediate sanctions for member states that will not meet goals as regards public debt and deficit.