There are about 5.6 million unemployed young people in Europe - and the money simply won't be enough, says economist John Springford.

"We're looking at about a thousand euros [$1,300] per person. And the thing that we know about youth unemployment is that when unemployment is high generally, then youth unemployment will be even higher. And so this kind of problem is best sorted out by macroeconomic policy rather than microeconomic tinkering," he said.

From left: Irish Prime Minister Enda Kenny, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso participate in a media conference at an EU summit in Brussels, June 28, 2013.

European commissioners have described this week as a good one for the EU - after a deal was clinched on a $1.25 trillion seven-year budget for the bloc, ending months of argument between member states.

Croatia joins the European Union on July 1, while EU leaders agreed Friday to begin accession talks with Serbia no later than January next year. European Commission President Jose Manuel Barroso hailed the agreement.

"This is historic. Let's not forget what happened not so long ago in that part of Europe with one of the most violent wars we ever saw. And now we will start negotiations with Serbia," said Barroso.

Key to the accession process has been the Serbian government's willingness to negotiate, says James Ker-Lindsay of the London School of Economics.