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European Commission approves EU-wide 200b euro stimulus package

The European Commission has approved a 200 billion euro ($260 billion) EU-wide stimulus package aimed at reviving the ailing European economy a sharp.

  • Agencies
  • Published: 15:45 November 26, 2008
  • Gulf News

Brussels: The European Commission has approved a 200 billion euro ($260 billion) EU-wide stimulus package aimed at reviving the ailing European economy a sharp.

The plan, which is worth more than expected, involves a targeted and temporary fiscal stimulus of 1.5 per cent of EU gross domestic product. National measures would account for around 170 billion euros, or 1.2 per cent of GDP, and EU and European Investment Bank budgets around 30 billion euros.

The plan also calls for at least 5 billion euros of extra funding for the hard-hit European car sector and accelerated structural fund payments to member states of up to 6.3 billion euros.

The plan is pending approval by European leaders at an EU summit in December.

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