Japan and the European Union announced new measures to bolster their economies in the wake of the collapse of the US auto industry bailout. The Japanese government multiplied its bank recapitalization fund sixfold, to $131 billion, and announced an $11 billion package to save jobs. "We are working at a very high speed," said the Japanese finance minister.
Meanwhile, at the EU summit in Brussels today, leaders agreed a $264 billion stimulus package, despite a public spat between Britain and Germany. In an unusual move, the German finance minister accused Britain of "tossing around billions," which London chalked up to "internal politics in Germany." The EU is in desperate need of a boost; data released today showed that industrial output tumbled 5.3% year-on-year in October.