Economic and labor ministers from France, Germany, Italy and Spain are meeting in Rome to find a way to reduce record youth unemployment.

Italian Premier Enrico Letta has made finding jobs for the young one of the battle cries of his new administration. About 40 percent of Italians aged 15-24 and active in the job hunt are unemployed.

Businesses are urging governments to lower payroll taxes to create jobs. Patrizio Bertelli, the CEO of the Prada fashion house, said that "some businesses don't have enough jobs to hire young people" due to plummeting domestic demand.

A new survey shows that 60 percent of Italian students are considering going abroad for work.

The ministers are seeking strategies Friday that they EU leaders can then debate at their summit later this month.