This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7749382.stm

The article has changed 16 times. There is an RSS feed of changes available.

Version 7 Version 8
Europe announces 200bn-euro plan Europe announces 200bn-euro plan
(10 minutes later)
The European Commission has unveiled an economic recovery plan, which will total 200bn euros (£170bn), 1.5% of the EU members' GDP. The European Commission has unveiled an economic recovery plan worth 200bn euros (£170bn) which it hopes will save millions of jobs across the region.
It hopes the plan will save millions of jobs across the region. Its president Jose Manuel Barroso said he thought the plan was "timely, temporary and targeted".
European Commission President Jose Manuel Barroso said the plan was "timely, temporary and targeted". The EC expects member states to contribute 170bn euros while the European Union will give 30bn euros.
The Commission expects that 170bn euros will be supplied by member states, while 30bn euros will be provided "via action taken by the European Union".
Mr Barroso said it was important that EU members acted together in a period of "exceptional crisis".Mr Barroso said it was important that EU members acted together in a period of "exceptional crisis".
"Measures that member states are introducing should not be identical, but they need to be coordinated," said Mr Barroso."Measures that member states are introducing should not be identical, but they need to be coordinated," said Mr Barroso.
"It's the best way to restore citizens' confidence and counter fears of a long and deep recession," he added."It's the best way to restore citizens' confidence and counter fears of a long and deep recession," he added.
The European Commission president said the bigger part of the package would be implemented in 2009 and some measures would continue into 2010.The European Commission president said the bigger part of the package would be implemented in 2009 and some measures would continue into 2010.
All the announced measures are proposals which would need to be approved at the next EU summit in December. The proposed plan will need to be approved at the next EU summit in December.
Germany's warningGermany's warning
The 27 member states need to decide whether to sign up to the plan.
Earlier, Chancellor Merkel express concern about getting "into the race for billions" by unveiling huge stimulus packages.
PLANS TO TACKLE DOWNTURN Some measures already announced by national governments Germany: package of measures set to generate 50bn euros in investment and contracts France: 19bn euro injection into key industries Spain: 40bn euro fiscal stimulus package, including 6bn euros in tax cuts Italy: 80bn stimulus package, but a large part of the money has been already receivedUK: £20bn fiscal stimulus plan, including cut in VATPLANS TO TACKLE DOWNTURN Some measures already announced by national governments Germany: package of measures set to generate 50bn euros in investment and contracts France: 19bn euro injection into key industries Spain: 40bn euro fiscal stimulus package, including 6bn euros in tax cuts Italy: 80bn stimulus package, but a large part of the money has been already receivedUK: £20bn fiscal stimulus plan, including cut in VAT
Earlier France and Germany's leaders have called on the EU to ease its fiscal rules to allow nations to spend more to boost their economies. "We should walk a measured path and keep to the middle ground, which is made-to-measure for the situation in Germany," she told the Bundestag, the lower house of parliament.
A number of member states, including France and Italy, have already announced their own measures designed to stimulate their economies.
Earlier, France and Germany's leaders called on the EU to ease its fiscal rules to allow nations to spend more to boost their economies.
The requirement to hold public deficits below 3% of GDP in individual EU countries should be eased, France's Nicolas Sarkozy and Germany's Angela Merkel said.The requirement to hold public deficits below 3% of GDP in individual EU countries should be eased, France's Nicolas Sarkozy and Germany's Angela Merkel said.
The two leaders made their comments in a joint newspaper article in France's Le Figaro and Germany's Frankfurter Allgemeine Zeitung, saying that governments had to head off a "recessionary spiral" at home.The two leaders made their comments in a joint newspaper article in France's Le Figaro and Germany's Frankfurter Allgemeine Zeitung, saying that governments had to head off a "recessionary spiral" at home.
Meanwhile, Chancellor Merkel warned EU members against getting "into the race for billions" by unveiling huge stimulus packages.
"We should walk a measured path and keep to the middle ground, which is made-to-measure for the situation in Germany," she told the Bundestag, the lower house of parliament.
On Tuesday France became the latest country to unveil its own multi-billion stimulus plan.