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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

(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.

German Chancellor Angela Merkel speaks at a news conference in Italy last week. (AP Photo)

European Commission President Jose Manuel Barroso gestures during a media conference at EU headquarters in Brussels today. (AP Photo)

Nicolas Sarkozy addresses the media during this month's economic summit in Washington. (AP Photo)

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EU Unveils $260B Stimulus Package

Struggling industries, member governments targeted in 2-year plan

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Japan, EU Boost Economies as Bailout Dies

New stimulus packages announced to avert global paralysis

ECB Makes Massive $639B Loan to Banks

For a period of three years

As Summit Looms, ECB Slashes Rate Again

Meanwhile, Merkel and Sarkozy try to drum up support for plan

Sarkozy: Change—or Kiss Eurozone Goodbye

At odds with Germany over ECB, deflation, budget enforcement

As Crises Spread, Europe Scrambles for an Answer

Even healthier countries now feeling pinch

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EU Unveils $260B Stimulus Package

Struggling industries, member governments targeted in 2-year plan

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OTHER STORIES ON OUR RADAR

European Union • European Central Bank • auto industry • European Commission • economic stimulus package • eurozone • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Japan, EU Boost Economies as Bailout Dies

New stimulus packages announced to avert global paralysis

ECB Makes Massive $639B Loan to Banks

For a period of three years

As Summit Looms, ECB Slashes Rate Again

Meanwhile, Merkel and Sarkozy try to drum up support for plan

Sarkozy: Change—or Kiss Eurozone Goodbye

At odds with Germany over ECB, deflation, budget enforcement

As Crises Spread, Europe Scrambles for an Answer

Even healthier countries now feeling pinch

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?