Friday, December 12, 2008 at 11:35
By Raymond Frenken
BRUSSELS (EUX.TV) — Leaders of the 27 countries in the European Union on Friday were discussing an economic rescue package worth close to 200 billion euro while seeking to ensure the union’s goals for CO2 emissions remains untouched.
Arriving at the second day of the summit, German Chancellor Angela Merkel said that talks so far focused on an economic stimulus package worth 1.5 percent of the EU’s gross domestic product.
That suggests a package worth roughly 190 billion euro. The EU’s GDP for 2007 was 12,581 billion, according to the IMF.
“It has become clear that the member states are ready to support efforts that would amount to the 1.5 percent,” Merkel said as she arrived at the summit.
Merkel emphasized that it would be up to national governments themselves to define exactly how that stimulus could be achieved.
“There is a joint effort in Europe to address this severe crisis, but member states have different instruments with which they can react. We agree on this. What’s most important is to save jobs,” said Merkel.
In recent days and weeks, she has been at loggerheads with fellow EU leaders such as UK Prime Minister Gordon Brown and Nicolas Sarkozy, President of France, which currently holds the EU’s rotating presidency.
Brown and Sarkozy are among those favoring a coordinated European effort that also would include a cut in value added taxes. Merkel opposes such a combined effort.
EU leaders also are discussing ways to hold on the the union’s goals of cutting carbon emissions by 20 percent in the year 2020. They’re expected to re-affirm that goals, although concrete actions are not expected to be agreed, leaving environmental groups concerned on how these goals will be achieved.
– From the EUX.TV newsroom news@eux.tv
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