Present paper shows that credit regarding job creation is ineffective in the 2000s, while it was effective in 1980s and 1990s. This paper attempts to support the view of (Bouis et al., 2013), that recently growth is sluggish, in spite of the massive monetary stimulus. Further, it will support the view of (Georgiou, 2009a), who pointed out that total credit to the private sector will decrease unemployment provided that it is given in moderation. The sample covers many European countries. Data are taken from Eurostat. The elaboration of these panel data is made feasible by means of the Eviews6 software package.