"The European Union prepares its entire arsenal to fight youth unemployment," writes the financial daily, as the French and German governments prepare to unveil a €60bn plan, known as the “New Deal for Europe”, on May 28.

The new scheme will mastermind a seven-year push to find jobs for people aged under 25, while Brussels will also ask European countries with high unemployment to go even further with their labour market reforms, continues the daily.

Meanwhile European Employment Commissioner Laszlo Andor prompted Spain on May 13 to adopt “a single open-ended contract” to fight youth unemployment, but Spanish PM Mariano Rajoy, refuses to introduce further labour market reforms.