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European Union with plan for beating the crisis

The European Commission announced economic recovery plan worth 200 billion euros, which hopes it will be able to retain millions of jobs. The idea is to stimulate spending and increase consumer confidence by injection of funds for more purchases in the region.
The Commission President Jose Manuel Barroso said the plan was "timely and targeted. European Commission expects member states to contribute 170 billion euros and the European Union will give 30 billion euros.
Barroso said it was important that EU Member States to work together in a period of extreme crisis. "This is the best way to restore confidence and counter fears of a long and deep recession," he added. The President of the European Commission said that most of the incentives to come into force in 2009, while some measures will continue in 2010.
The proposed plan will have to be approved at the next summit of EU in December. The plan provides for reduction of VAT rates across the Union, speculation, which appeared after the British government announced a step in the draft budget for next year. The 27 members must decide whether to sign the plan before it is operational.
"Measures should be identical in all countries, but they must be coordinated," said Barroso.
Previously, German Chancellor Merkel expressed concern over the incursion in the race for billions for opening packages of incentives. "We must follow a moderate approach made to order for the situation in Germany," she said before the Bundestag, the lower chamber of parliament.

Labels: Business News, Financial News

posted by Zoritza Petrova @ 1:32 PM