EU launches stimulus package
27-11-2008
The European Commission has unveiled a plan for economic recovery aimed at helping the European Union's 27 member countries over the worst effects of the global financial crisis. Countries will be encouraged to take action through a combination of tax cuts and targeted investment. It is hoped the plan worth 200 billion euros, will save millions of European jobs. The idea is to stimulate spending and boost consumer confidence. The European Commission President, Jose Manuel Barroso, said the plan was "timely, temporary and targeted". The EC expects member states to contribute 170 billion euros while the European Union will give 30 billion. Mr Barroso said it was important that EU members acted together in a period of "exceptional crisis". He added, "It's the best way to restore citizens' confidence and counter fears of a long and deep recession." The European Commission president said the major part of the package would be implemented in 2009, while some measures would continue into 2010. The proposed plan will need to be approved at the next EU summit in December.
