Europe announces 200bn-euro plan

The European Commission has unveiled an economic recovery plan worth 200bn euros (£170bn) which it hopes will save millions of jobs across the region.

Its president Jose Manuel Barroso said he thought the plan was "timely, temporary and targeted".

The EC expects member states to contribute 170bn euros while the European Union will give 30bn euros.

Mr Barroso said it was important that EU members acted together in a period of "exceptional crisis".
Some measures already announced by national governments
Germany: package of measures set to generate 50bn euros in investment and contracts

France: 19bn euro injection into key industries

Spain: 40bn euro fiscal stimulus package, including 6bn euros in tax cuts

Italy: 80bn stimulus package, but a large part of the money has been already received
UK: £20bn (23.6bn euro) fiscal stimulus plan, including cut in VA

"Measures that member states are introducing should not be identical, but they need to be coordinated," said Mr Barroso.



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