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Euro Commission proposes $256 billion bailout
Two-year ‘European Economic Recovery Plan’ to combat region’s slowdown
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Obama outlines bailout for Main Street President Barack Obama outlined new multibillion-dollar stimulus and jobs proposals, saying the U.S. must continue to "spend our way out of this recession" until more Americans are back at work. |
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BRUSSELS, Belgium - The European Commission says it wants EU governments to jointly combat the mounting economic slowdown with measures costing about 200 billion euros (US$256.22 billion).
In a two-year European Economic Recovery Plan, made public Wednesday, it calls on the 27 EU governments to spend more to boost growth and confidence among consumers and businesses.
It says the plan will help combat the economic slowdown that has pushed some European nations into recession and would represent 1.5 percent of EU gross domestic product.
The economic stimulus would come from national budgets and funding from the EU’s own funds.
Separately, British Prime Minister Gordon Brown said Wednesday the U.K will host an April 2 meeting of the Group of 20 industrialized and emerging economies on the financial crisis.
Brown told lawmakers Wednesday that President-elect Barack Obama has said he will attend the talks.
The G-20 nations and four international organizations met for emergency talks in Washington on Nov. 14-15.
Leaders said they needed a summit early next year to check progress on promises to cooperate more closely, toughen supervision of banks and give bigger roles to fast-rising nations.
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