EU Unveils $260B Stimulus Package

Struggling industries, member governments targeted in 2-year plan
By Nick McMaster,  Newser Staff
Posted Nov 26, 2008 3:55 PM CST
German Chancellor Angela Merkel speaks at a news conference in Italy last week.   (AP Photo)
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(Newser) – The European Union Commission passed a $260 billion stimulus package today intended to boost its members’ economies during the next 2 years, Der Spiegel reports. The plan calls for more funds than most economists expected, but as the commission president Jose Barroso put it: “Exceptional times call for exceptional measures. The Recovery Plan is big and bold, yet strategic and sustainable.”

“Our approach is to offer a toolbox,” to member nations, Barroso said. The package will target areas that need it the most, such as the Eurozone’s auto industry and Eastern European governments, who say they cannot afford their own stimulus plan. The leaders of EU nations will consider the package at a summit next month.