Fallout: The Financial Crisis

E.U. leaders finalizing stimulus plan

Megan Williams Dec 12, 2008
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Fallout: The Financial Crisis

E.U. leaders finalizing stimulus plan

Megan Williams Dec 12, 2008
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TEXT OF STORY

Steve Chiotakis: And staying in Europe, leaders are pushing hard there for a stimulus plan agreement. European Union leaders are meeting in Brussels to finalize that plan. Here’s Megan Williams with more.


Megan Williams: Europe is in a full recession. So the $270 billion deal is aimed to bring up employment numbers and trigger growth. It would use everything from investment strategies to tax cuts and vary from country to country.

But until now, Europe’s biggest economy, Germany, has been reluctant to commit more money. It’s already passed its own $43 billion stimulus package, and fears taking on too much debt. Recently, it quibbled with the U.K. over its move to cut a value-added tax, something Germany is avoiding.

Eurozone experts say despite diverging opinions, European leaders will likely reach a consensus today. They say there’s no motivation like a deepening recession to inspire more cooperation.

I’m Megan Williams for Marketplace.

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