Prof Len Shackleton, a fellow of the Institute of Economic Affairs, talks to The Telegraph.
Dimitrios Makrystathis feels let down. A fourth-year engineering student fromGreece, he has kept his side of the bargain by studying hard but knows when he graduates next year there will be no decent jobs. Young Greeks are so "pessimistic" about their future they have stopped looking for work, the 23 year-old says.
"It's tragic to be around people who have lost their jobs and don't have enough money for their children. Pensioners don't have enough money to buy medicines. It's not the best environment to grow up in and do something innovative," he says.
Makrystathis is in Geneva for a three-day conference on youth unemployment organised by the International Labour Organisation (ILO), joining 100 other young people from Europe to discuss ways of finding work.