Poverty in the EU: increasing in the Eurozone, decreasing outside of it

Published on Real-World Economics Review Blog, by by merijnknibbe, Jan 17, 2014.

Material poverty in the Eurozone is increasing. In Ireland, Greece and Latvia (in 2011 not yet a Eurozone member but surely a wannabe) one year changes were nothing short of dramatic. Poverty in the EU outside the Eurozone is decreasing … //

… The data show that between 2010 and 2011 material deprivation increased, especially in countries inside the Eurozone (or which were trying to get into the Eurozone). Including Germany. Excluding France.

At the same time, unemployment increased and investments went down in the EU and especially inside the Eurozone, which means that income and production were clearly below capacity. Poverty indeed is a choice. Not an individual choice – but a Troika one.

I have to push this: austerity darlings Ireland and Latvia did especially bad, even when compared with very comparable countries like Estonia and Lithuania and with somewhat comparable Poland and even with (very poor) Bulgaria and Romania. How long will it take before Latvia has the highest rate of poverty of the EU? Not remarkably, developments in France were much more positive than in Germany and poverty in France is by now actually lower than in Germany (though the difference is no doubt within the margin of measurement error). Any questions about the real austerity agenda?
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