Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

Europe's Plan for Putin - Will Russian Leader Bend After New Sanctions? (part 2)

Read more

DEBATE

Europe's Plan for Putin - Will Russian Leader Bend After New Sanctions?

Read more

FOCUS

Pakistan's Ahmadis living in fear of extremist attacks

Read more

WEB NEWS

Web users show solidarity with Iraqi Christians

Read more

THE INTERVIEW

Gilles Kepel, Islamic and Arab world specialist

Read more

BUSINESS DAILY

Argentina braced for another debt default

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine (part 2)

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine

Read more

MEDIAWATCH

'What would you do?'

Read more

  • US and EU slap Russia with fresh sanctions over Ukraine

    Read more

  • Scores killed as Israel ramps up Gaza bombardment

    Read more

  • Graphic: Ebola spreads across West Africa

    Read more

  • In pictures: ن - a sign of support for Iraq’s persecuted Christians

    Read more

  • Calls mount to ban France’s ‘violent’ Jewish Defence League

    Read more

  • Venezuela: Hugo Chavez’s ‘little bird’ strikes again

    Read more

  • France extradites suspected Jewish Museum shooter to Belgium

    Read more

  • Video: How tourism is helping Rwanda’s gorillas, ex-poachers

    Read more

  • Rare Sri Lankan leopard cubs born in French zoo

    Read more

  • France evacuates its nationals from Libya

    Read more

  • US says Russia violated arms treaty by testing cruise missile

    Read more

  • Argentina in last-ditch effort to avert default

    Read more

  • Karzai’s cousin killed in Afghan suicide attack

    Read more

  • Libya oil tanker fire blazes out of control

    Read more

  • In pictures: From Gaza to Mosul, bittersweet end of Ramadan for Muslims

    Read more

  • Moroccan police arrest French al Qaeda recruiter

    Read more

Europe prepares 130 bln euro growth package

Video by Luke SHRAGO

Text by AFP

Latest update : 2008-11-20

German Economy Minister Michael Glos said that the European Union is preparing a growth package of around 130 billion euros. The European Commission responded that there was not yet an agreement on the amount.

The European Commission is planning a 130-billion-euro (163-billion-dollar) economic stimulus programme, a spokeswoman for the German economy ministry said Wednesday.
  
"That represents one percent of gross domestic product for each member state," she told AFP.
  
"For Germany, that means 25 billion euros."
  
German news weekly Der Spiegel reported earlier that the Commission would also set aside some of its own funds to arrive at the 130-billion-euro sum.
  
The Commission is due to present proposals to grapple with the impact of the global financial crisis on November 26.
  
Commission spokesman Johannes Laitenberger said no decision had been taken on the stimulus package.
  
"It is premature to talk about the size and specific orientation of the package because the preparatory work is still underway and there has not yet been a definitive political decision," Laitenberger told AFP.
  
German government spokesman Ulrich Wilhelm stressed that Berlin had just committed 32 billion euros over the next two years to its own economic jumpstart plan and expected that to figure in Brussels' calculations.
  
"It is unimaginable that our own programme would not be taken into account" by the EU Commission, he told the daily Financial Times Deutschland in an article to appear in its Thursday issue.
  
Other member states have cried poverty amid calls for a continent-wide growth plan and the European Commission is likely to seek to redirect funds committed to other efforts to the new package.
  
The 15-nation eurozone confirmed last week it had fallen into recession for the first time ever, with gross domestic product in the economies using the euro falling by 0.2 percent in the third quarter after a similar drop in the second quarter

Date created : 2008-11-19

COMMENT(S)