Young people’s unemployment in most Member States of the European Union is a sign of social bankruptcy of the development of the single market. It takes away the hope for the future. It in effect breaks the right to ”the free and full development of (their) personality” (Art. 29 UN Charta). The main fault may be attributed t6o national politics. But it cannot be overlooked that it has turned into a general phenomena of a single market ”à quatre vitesses”. Failed EU-policies with regard to the deregulation of the internal labour market as well as the neglect for education in youth unemployment play a role. But in this essay we want to focus on the part the financial crisis plays in this failure.
Especially the Mediterranean countries are most struck by the crisis and also by youth unemployment. There is a close connection. This crisis has been and is still solved on the back of the weakest in order to stabilise a creditor based money system. But these states need money to develop the most precious good we have for our future economy: the labour force of the young. This money is taken away and paid for interest on failed investments to foreign creditors. Its political implications are most visible in the emergence of the Troika modelled after the Roman Triumvirates with dictatorial competences. This global debt collection agency has overtaken tasks which are the basic competences of a sovereign state. In this they also carry the responsibility for the neglect of the rights of young people. This responsibility is not yet discussed. The members of the Troika have no competences for it and the international community no solutions.
We present some preliminary ideas about the argument how the Troika could have violated the human rights of young people. We apologize that with our knowledge as bankruptcy and bank lawyer the part of the human rights analysis can only be a quest to human rights lawyers to take up this question. But the law cannot be tacit where we have effects that are more devastating to collective human rights of a significant group of society than many infractions to fundamental freedoms which are much more discussed by human rights lawyers.