26 November 2008 - 07H23
Commission proposes 200 billion euro plan for growth
The European Commission has urged the bloc's 27 member countries to adopt an EU-wide plan for economic growth worth 200 billion euros, or 1.5% of the EU's gross domestic product.
BRUSSELS - European Commission President Jose Manuel Barroso on Wednesday asked a weekly Commission meeting to approve an EU-wide budget stimulus of 1.5 percent of the 27-nation bloc's gross domestic product, an EU source said.
The total stimulus -- worth 200 billion euros ($260 billion) and bigger than initial figures floated -- would be made up in 1.2 percentage points of budget spending and 0.3 percentage points of European Union funding, the source said.
The source added the numbers had not yet been approved by the 27 Commissioners and could therefore change.
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Comments
The EU will need 10 times...
... that number if they have any hope of avoiding a depression in the Euro Zone. Their depression will look something like that in the US, something like this.... http://patrioticactivist.com/2008/10/31/the-new-depression/