EU leaders reject further stimulus plan

Source: Xinhua | 03-20-2009 07:51

BRUSSELS, March 19 (Xinhua) -- European Union leaders rejected here on Thursday any new stimulus plans as the United States has urged recently, saying that the EU has done enough in this respect.

European Commission President Jose Manuel Barroso gestures during a press conference ahead of the EU spring summit in Brussels, capital of Belgium, March 19, 2009. The EU spring summit will be held here later Thursday. (Xinhua/Wu Wei)

"It is a huge, huge effort," European Commission President Jose Manuel Barroso said before a two-day summit, referring to the 200-billion-euro European Economic Recovery Plan put forward by the commission in November last year.

He said that the EU actually has invested 400 billion euros plus automatic stabilizers such as employment and healthcare welfare.

"So instead of speaking already of the next plan, lets implement the plan we have agreed," he added.

Czech Prime Minister Mirek Topolanek, whose country holds the rotating EU presidency, described any more stimulus plans as a "deadly idea."

The Unites States recently called on governments to invest more public spending to boost demand and announced on Wednesday that the U.S. Federal Reserve will launch 1.2 trillion U.S. dollars to lower rates on mortgages and other consumer debt.

"You cannot solve everything by using taxpayers' money," commented Swedish Prime Minister Fredrik Reinfeldt.