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Merkel says backs growth package for EU
ROME |
ROME (Reuters) - Germany's Chancellor Angela Merkel threw her support on Friday behind a growth package worth 130 billion euros, or one percent of EU gross domestic product, following talks with other key European leaders on reviving the continent's economy.
"I absolutely agree with what everyone else here has said - to devote one percent of the GDP of the European area additionally to growth, to efficiency in growth and to investment," she told a joint news conference in Rome with the leaders of France, Italy and Spain
"That is a genuine signal that we need," she added.
(Reporting by Rome and Berlin bureau)
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First of all, China, with a GDP equal to less than a third that of the Eurozone in 2008 instituted a growth program of 4 trillion yuan ($570 billion). In the U.S., which has a GDP slightly less than the Eurozone, we had a $250bn stimulus program on top of $700 bn spent during the initial bailout, for a total of more than $950bn. And, on top of that, the Fed poured trillions into the economy.
Second, where do these Eurozone leaders plan to get the money? Have they formally agreed to contribute 130 bn Euros to a new fund — on top of the money they have pledged to the EFSF, and to the ESM, and to the IMF?? Let’s wait to see how much each nation is willing to pledge to the fund before we count on spending it.
First of all, China, with a GDP equal to less than a third that of the Eurozone in 2008 instituted a growth program of 4 trillion yuan ($570 billion). In the U.S., which has a GDP slightly less than the Eurozone, we had a $250bn stimulus program on top of $700 bn spent during the initial bailout, for a total of more than $950bn. And, on top of that, the Fed poured trillions into the economy.
Second, where do these Eurozone leaders plan to get the money? Have they formally agreed to contribute 130 bn Euros to a new fund — on top of the money they have pledged to the EFSF, and to the ESM, and to the IMF?? Let’s wait to see how much each nation is willing to pledge to the fund before we count on spending it.
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