Europe is not working, says European Commission

"Could do better" is the latest report card for European Union members.

The European Commission has detailed areas for improvement for each of the 27 members.

They range from better and education and training for the half of young Spaniards currently without a job to battling tax evasion in Italy.

It is not all bad news though as Brussels praised Ireland's "significant progress" in cutting government debt, stronger French finances and the speed of Spanish reform.

David Owen, chief economist at the investment bank Jefferies told the BBC that the European Central bank needs to "step up to the plate" to help resolve the immediate threat of the eurozone crisis.