POLITICS - EU leaders today supported a 200 billion Euro ($264.3 billion) economic stimulus package to ward off recession in the region's 27 nations as new statistics highlighted just how deep a slowdown they are facing. 15 European nations have slid into a recession during the past 9 months and more may follow without an economic stimulus.
The EU had agreed unanimously to spend "1.5% of gross domestic product or around 200 billion Euros" to brake shrinking growth that will shed jobs across the region. The final three months of the year aren't looking any better, according to figures the EU statistics agency Eurostat published Friday. The entire 27-nation EU saw a 5% tumble in industrial production compared to last year due to falling demand.
This adds urgency to the recovery plan that EU governments are backing, which gives each nation some leeway in how to fuel growth. They singled out automakers and home builders as most in need of help as shoppers avoid major purchases such as new cars and homes. Countries would be free to choose how they would help out troubled industries, picking between more public spending, tax or social security cuts, aid for specific industries or financial support for cash-strapped households.
A draft EU statement also set limits on what each country could do, saying massive state subsidies had to be short-term and targeted to limit competition problems that would favor one industry or one part of the 27-nation bloc over rivals elsewhere in Europe. "Measures to support demand must aim to produce immediate effects, be of limited duration and be targeted at the sectors most affected and the most important as regards the structure of the economy, e.g. the automotive industry and the construction sector," the draft text said.
The EU stimulus also aims to make more money available to banks to lend on to companies. The EU government-funded European Investment Bank will release 30 billion Euros ($39.65 billion) in small businesses loans during next year and 2010 and for projects that support renewable energy and cleaner transport, including 4 billion Euros ($5.3 billion) in soft loans for the car industry to help them make more hybrid, hydrogen or electric cars.
This won't be very good for the American car industry, which has a significant lack of eco-friendly cars and will see European cars become even more eco-friendly and competitive.
American, Canadian, Toronto & International News Commentary: Spreading Freedom in the Face of Tyranny
December 12, 2008
Subscribe to:
Post Comments (Atom)
Affordable Website Design & SEO
|
Featured Posts
The Sarcasm Symbol
Ever had some confusion online or with your cellphone when someone fails to catch the sarcasm? Well now with the SarcMark you can ge... |
|
Behold, the Scorpion Hydrogen Supercar
CARS - To the right is the future of supercars... it is a hydrogen supercar called the Scorpion. The Scorpion from Ronn Motors in Texas is t... |
|
Documents show Stephen Harper misusing public funds
CANADA - According to 950+ pages of documents obtained by the Canadian Press under the Access to Information Act the Privy Coun... |
|
Pink's Rosie the Riveter
ENTERTAINMENT - What I like about this video is how it meshes different social movements like feminism, veganism, anti-capitalism... |
|
California's Dustbowl
ENVIRONMENT - The photo on the right is a farm in California that has been put up for sale. Its just one of thousands of farms that are n... |
|
Is Steampunk the New Goth???
GOTHIC - Watch out what you see on the subway late at night because while in 2001 you might have seen some pretty freakish goths, by 20... |
|
Do you have enough Ice Water in your diet?
HEALTH - A Calorie (large C) is a measurement of the amount of energy needed to raise the temperature of a litre of water (1 kg's worth) ... |
|
North Korean timeline towards Inevitable War
POLITICS - The following is timeline of events that have occurred on the Korean Peninsula. 1945 - Japan surrenders to the United States a... |
|
Judgment Day is Tomorrow, so sayeth Cult
RELIGION - According to a cult based in California, Judgement Day is tomorrow (May 21st 2011) and Jesus Christ will return to the Earth a... |
|
Sex in Space Forbidden
SEX/TECHNOLOGY - Sex in outer space is a big no-no according to NASA. Not for professional astronauts at least, but the growing numb... |
Popular Posts / Last 30 Days
-
Visit amazon.com/author/moffat to get free short stories and huge discounts on fantasy books by Charles Moffat. Sale ends on October 20th.
-
CANADA - One of Canada's elite commando units, the JTF2 commandos, have returned home to Canada after serving in Afghanistan for almos...
-
I just finished watching Sicko (the 2007 documentary by Michael Moore about American health care, or lack thereof) and it is way better tha...
-
Interracial Relationships is a big no-no for some people, however there's a lot of information out there showing that such relationship...
-
CANADA / ENVIRONMENT - Companies in Canada are cutting their emissions even though the government of Canada is still sitting on the fence w...
-
CANADA - Seriously... who was going to vote for a bald guy named Rocco Rossi??? According to polls 4% of Torontonians were thinking of voti...
-
Peasant Magazine is seeking submissions for Issue #2. Specifically it is looking for fantasy, historical fantasy, historical fiction an...
-
CARS - Nobody ever steals a pink car. According to a Dutch study which compared the colour of cars being stolen, pink is the safest colour ...
-
And the similarities don't stop there. Hitler and Trump have a lot more in common. The context in which Adolf Hitler was elected is...
-
CANADA - Interesting Fact: Stephen Harper 's Conservative government in Canada has only shown up to work for 14 days between June 1st ...
No comments:
Post a Comment
Comments containing links will be marked as spam and not approved. We moderate every comment. If you want to advertise on this blog it is $30 per link.