The Great Recession has been extremely hard for young people in Europe. The youth unemployment rate in Europe is about 23%. In addition, young people have experienced large falls in real wages (11% for the UK). The new labour market for the young means that they have little bargaining power, have to accept poor conditions and pay, and can lose their jobs very easily. Click here for an insightful article by Paul Mason, where he critiques the new labour market for the young.