| Author (Person) | Tait, Nikki |
|---|---|
| Series Title | Financial Times |
| Series Details | 27.11.08 |
| Publication Date | 27/11/2008 |
| Content Type | News |
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The European Commission presented on the 26 November 2008 a comprehensive plan to drive Europe's recovery from the current economic crisis. The Recovery Plan was based on two mutually reinforcing main elements. Firstly, short-term measures to boost demand, save jobs and help restore confidence. Secondly, 'smart investment' to yield higher growth and sustainable prosperity in the longer-term. The Plan calls for a timely, targeted and temporary fiscal stimulus of around €200 billion or 1.5% of EU GDP, within both national budgets (around €170 billion, 1.2% of GDP) and EU and European Investment Bank budgets (around €30 billion, 0.3% of GDP). Every Member State was called upon to take major measures good for its own citizens and good for the rest of Europe. The Recovery Plan was expected to reinforce and accelerate reforms already underway under the Lisbon Growth and Jobs Strategy. It included extensive action at national and EU level to help households and industry and concentrate support on the most vulnerable. It put forward concrete steps to promote entrepreneurship, research and innovation, including in the car and construction industries. The Recovery Plan aimed to boost efforts to tackle climate change while creating much-needed jobs at the same time, through for example strategic investment in energy efficient buildings and technologies. |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe |
