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European newspaper columnists often lament that Europe's best and brightest are leaving for greener pastures. But brain drain is only part of the problem with European labor. Europe is also undervaluing the brain power of half of those who stay behind.

A recent report by the European Commission (pdf) finds that women are still earning an average of 15 percent less than their male counterparts. The gender pay gap has shrunk by only 2 percent over the last decade or so, and there's no evidence that it's narrowing.

And here's the most baffling detail: It's better-educated women who are being underpaid the most. Statistics show that women with higher degrees earn 30 percent less than their male counterparts, whereas for jobs with fewer qualifications the gap is only 13 percent. Maybe they should start teaching Bargaining 101 in European universities.