India | UK | US

Germany rebuffs call for more EU fiscal stimulus

Berlin - Germany rejected on Thursday calls to contribute a greater sum to a European Union fiscal stimulus package for recession-hit economies, with a spokesman saying Berlin was doing enough already. Chancellor Angela Merkel's spokesman Ulrich Wilh...
Posted : Thu, 20 Nov 2008 15:12:40 GMT
By : DPA
Category : Business
News Alerts by Email ( click here )
Business News | Home
Berlin - Germany rejected on Thursday calls to contribute a greater sum to a European Union fiscal stimulus package for recession-hit economies, with a spokesman saying Berlin was doing enough already. Chancellor Angela Merkel's spokesman Ulrich Wilhelm said a 32-billion-euro (40-billion-dollar) programme of tax rebates, soft loans and handouts already approved by Berlin ought to be counted as part of the EU plan.

EU officials are drawing up the plan to be unveiled by the European Commission next Wednesday and submitted to EU leaders next month.

Briefing papers show the EU is to request all 27 EU nations to donate 1 per cent of gross domestic product, priming the economic pump with 130 billion euros to revive weak demand.

Wilhelm told reporters, "Nations that have already acted in recent weeks should not be punished for it, while those who have done nothing end up better off."

He said that the fiscal stimulus approved so far, to be paid for by Germany's municipal, state and federal governments, was pumping 1.3 per cent of GDP into the economy.

The briefing document on the EU fiscal stimulus proposals was obtained by Deutsche Presse-Agentur

Copyright DPA

Share/Save/Bookmark

Article : Germany rebuffs call for more EU fiscal stimulus
Print this article
Email this article

Stay Updated
News gadget on your Google homepage
Subscribe to a news feed in Google Reader


Related News

Taiwan's exports fall 4.7 per cent in October
Taipei - Taiwan's exports declined just 4.7 per cent in October, compared with the same period last year, the Finance Ministry said Monday. The drop - the first single-digit decline - was the smallest since October last year, reflecting a gradual rec...

Taiwan envoy to meet Chinese leader at APEC summit
Taipei - A Taiwan envoy Monday said he would exchange views with Chinese President Hu Jintao on a trade pact the island wants to sign with the mainland, on the sidelines of the Asia-Pacific Economic Cooperation summit in Singapore. I will meet with ...

German industrial production jumps 2.7 per cent in September
Berlin - German industrial production jumped more than forecast in September, data released Monday showed, adding to signs of recovery in Europe's biggest economy. Adjusted for price and seasonal changes, output rose by 2.7 per cent in September, to ...

Editor quits China's top finance magazine
Beijing - The editor of China's top financial magazine Caijing has resigned to take an academic post, officials said on Monday, amid rumours of a rift between senior staff and the magazine's owners. Hu Shuli left Caijing after weeks of speculation an...

Singapore's central bank warns of escalation in property market
Singapore - Singapore's central bank on Monday said that more measures might be needed to counter speculation in the city-state's property market, as there was a risk of an escalation. As Singapore emerges from recession and with the market expectin...

Czech jobless rate falls slightly to 8.5 per cent
Prague- The Czech Republic's unemployment rate fell a notch, to 8.5 per cent, in October, down from 8.6 per cent the previous month, the Ministry of Labour and Social Affairs said Monday. The slight decline, however, does not signal an end to the eco...

Thai shares up 2.13 per cent on Moody's upgrades
Bangkok - Thai shares jumped 2.13 per cent Monday on a return of investor confidence in the region, brokers said. The Stock Exchange of Thailand index ended at 713.48, up 14.85 points. ...

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 

 

More Business News click here
Follow The Earth Times
Subscribe to RSS Follow Earth Times on TwitterNews by email
Share/Save/Bookmark

 
 



 
Subscribe to free Earthtimes
News Alerts by Email Click here
For RSS Feeds Click here
or Create your own RSS

Add to Google Toolbar
Breaking News
Press Releases

 


The Earth Times
News Category

© 2009 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy
Earth Times accept no responsibility or liability either directly or indirectly for views or opinions expressed in articles or comments.