Sun, Nov 22 2009

Brussels drafts 130B euro fiscal stimulus package

Wed, Nov 26 2008 10:22 CET byDnevnik.bg 145 Views

The European Commission will announce on November 26 2008 a massive set of measures to kick-start the economy taking effect immediately but spanning no more than two years.

The draft's final version needs the nod of all European Union members at an early December summit.

The price tag is rumoured at 130 billion euro, which is 20 billion euro more than one per cent of the bloc's total gross domestic product.

The 27 member states, however, do not see eye to over each contributing one per cent of its GDP.

Eurogroup Chairman Jean-Claude Juncker yesterday approved the plan's value saying it was the EU's sole adequate reaction to the financial crisis.

The EU members which overstep the three per cent budget deficit limit in the next two years should go back to previous norms right after 2010, Juncker said.

The fiscal plan comprises a wide range of proposals leaving separate members room to map out their own urgent measures as well.

The set of measures includes tax breaks to save jobs, lower consumption taxes and an ECB lending rate cut to get the credit going.

Small and medium companies will be encouraged by fewer bureaucratic hurdles for state aid and more loans from the European Investment Bank.

Source: Dnevnik

Write comment

Name:Comment:

Generate new code
Send your comment

More in this category

White tigress slaughtered by lions

The white tigress is a rare animal resulting from a special recessive gene

Poland, Lithuania, Ukraine to form military brigade

The agreement was signed in Brussels earlier this week but it's still a long way off before the Polish-Lithuanian-Ukrainian brigade can be formalized as an international agreement.

Flu slows down Kyiv

Affected by quarantine and panic, life in Kyiv has been subdued in the past few weeks.

Poll: Number of Russians worrying about A(H1N1) growing

The number of Russians worrying about contracting the A(H1N1) flu virus grew to 70 per cent in November from 57 per cent in September.

Riots break out in central Athens on 36th anniversary of the Polytechnic massacre

The Polytechnic University or Politechniu in Greek, was the scene of a massacre in 1973, when Greek army tanks broke into the University and shot students indiscriminately, killing dozens of youths.

© 2000-2009, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.