Sorry, but depression-level slumps didn’t happen in Europe before the coming of the euro.
The chart is unemployment in Ireland since 1983; we’ve used the longest span of consistent series produced by the Central Statistics Office. And the mid-1980s was no picnic for other high-debt EEC (as it then was) countries either. Granted, the Euro probably locked in some of the forces that could be quarantined back then through devaluations. But you don’t have be that old in Ireland to have been around for the second macroeconomic destruction of your economy in your lifetime.
The central bankers are in Sintra, Portugal discussing how banking supervision and monetary policy should evolve in the aftermath of the global financial crisis. They might want to discuss instead whether anything fundamental about the politics of boom and bust has changed in the last 6 years.