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Merkel Says Early Retirement Could Tackle EU Youth Unemployment

German Chancellor Angela Merkel, speaks in front of a flag of the European Union
Sean Gallup | Getty Images
German Chancellor Angela Merkel, speaks in front of a flag of the European Union

German Chancellor Angela Merkel suggested on Monday the European Union should finance early retirement schemes as a way of combating high youth unemployment.

The EU has earmarked 6 billion euros from 2014 to reduce youth unemployment, which has soared in austerity-hit southern states and has hit 59.3 percent in Greece.

Merkel said: "wouldn't it be better to do what we did in Germany, and have an early retirement scheme for a few years?"

(Read More: Merkel Ally Says France Is 'Problem Child', Must Save More)

Such schemes could be combined with regulations obliging firms to employ younger people, and could be preferable to creating state-financed positions, she said. Just such a program was criticized in Germany, however, as expensive.

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