English
The European Commission yesterday unveiled a 200 billion EUR (258.8 billion USD) economic rescue plan for 2009 - 2010, which is equal to 1.5% of the gross domestic product of all Members. EC President Jose Manuel Durao Barroso described the plan as "a toolbox" which can turn a global financial crisis into an opportunity for Europe. Most of the funds - 170 billion EUR - will be provided by the Member States, while the remaining 20 billion EUR will come from the EU and the European Investment Bank. Barroso emphasized that the funds announced by some Member States for their own rescue plans were included in this total. "Exceptional times call for exceptional measures. The jobs and well-being of our citizens are at stake," he said. "If we do not act now, we risk a vicious recessionary cycle of falling purchasing power and tax revenues, rising unemployment and ever wider budget deficits," Barroso warned. The rescue plan is focused on short-term fiscal stimulation of demand, job security, restoration of consumer confidence and, on long-term, measures to stimulate the economy. The European Commission is planning to obtain the agreement of all Member States during the Brussels Summit, scheduled for 11-12 December.
To stimulate consumption, the European Commission is proposing a temporary reduction of the VAT for labour-intensive services, lower social charges for employers, lower revenue taxes for employees and longer unemployment benefits.
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