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November 26, 2008

EU Unveils Economic Recovery Package
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http://enews.voanews.com/t?ctl=20A2119:A6F02AD83191E160B0545DCEC34B3ED9E55ED32ED25AB8F6&
 
European Commission President Jose Manuel Barroso unveils package in
Brussels as he urges EU countries to coordinate their economic recovery
efforts 
The European Union is urging EU member states to approve an ambitious
$260-billion economic stimulus package. European Commission President
Jose Manuel Barroso, left, gestures while speaking during a media
conference at EU headquarters in Brussels, Wednesday 26 Nov.
2008European Commission President Jose Manuel Barroso unveiled the
package today in Brussels as he urged EU countries to coordinate their
economic recovery efforts. The proposals include extensions to welfare
and unemployment benefits, tax cuts, and $6.5 billion to support the
European auto industry. Most of the funding will come from national
governments, and it remains to be seen whether member states will agree
to the plan when they debate the proposals in December. Meanwhile,
British Prime Minister Gordon Brown said Wednesday that Britain will
host the next G-20 meeting of key industrialized and developing nations
in April. Mr. Brown said he had already spoken with U.S. President-elect
Barack Obama, who confirmed he will attend the summit. The People's Bank
of China Wednesday said it is slashing interest rates for the fourth
time since September in an effort to boost economic growth. The bank
said it will lower the key one-year lending rate by more than one
percent and reduce the amount of money that banks must hold in reserves,
in order to increase lending. Britain reported Wednesday that its
economy shrank by one-half of one percent between July and September -
its first decline in 16 years. The contraction coincided with a sharp
drop in consumer spending.

Some information for this report was provided by AFP, AP and Reuters.


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