New Delhi, Jun 6 (KNN)  With unemployment rate in France reaching the highest level in 15 years, the European Central Bank is likely to unveil plans to revive lending in the eurozone, especially to small and medium enterprises.

SMEs provide three quarters of jobs in the Eurozone.

A BBC report quoting official estimates said that French unemployment rose to 10.8 per cent in the first quarter of the year, its highest level since 1998.  The unemployment rate in the last quarter of 2012 was 10.5 per cent.   

The French economy, according to the report went into recession after its GDP fell by 0.2 per cent in the first quarter.

Although the French President Francois Hollande has promised measures to boost jobs and growth, the demand has declined owing to the eurozone crisis.

Another cause for alarm is that the European statistics agency that measures jobless rate in a different manner has alleged that unemployment has already at 11 per cent.

In the meantime, the International Monetary Fund has categorically stated that France would urgently need to introduce fresh economic reforms if it did not want to fall behind its neighbours.  (KNN)