The unemployment rate in the eurozone hit a record 11.6% in September — up from 11.5% a month earlier — it was announced Wednesday. Last week, it was Spain hitting a record 25% jobless rate. There is increasing agreement by economic observers that austerity is failing badly as a remedy for the region’s economic problems, but governments can’t seem to agree on an alternative, says Wharton management professor Mauro Guillen. He suggests possible solutions in this Knowledge@Wharton interview.

Professor Guillen offers additional thoughts about austerity and the chances for a bailout of Spain in this video: Spain Sputters as a Bail-out Moves Closer.

He discusses the risks involved in a possible secession from Spain in Catalonia’s Risky Gamble.