Ahead of the European Union summit later this month, the economy and labor ministers from Italy, France, Germany and Spain met in Rome to discuss youth unemployment.
At the meeting, ministers focused on plans to finance small and medium sized companies through European Investment Bank. Access to funds will help firms to raise employment.
"We have no more time," Italy's Prime Minister Enrico Letta said. "We must act immediately."
Italy's Finance Minister Fabrizio Saccomanni said there was strong consensus on the topic of effectively reducing youth unemployment.
To fund firms, he said that EUR 60 billion in financing could be available from the EIB. They also intend to finance lending through mini-bonds secured by banks and state-controlled funds.
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