“Giant Stimulus Plan Proposed for Europe” reports the AP:
The European Commission said Wednesday that it wanted to European Union governments to jointly combat the mounting economic slowdown with measures costing about 200 billion euros or $256.22 billion.
That’s good. I had worried that the EU fiscal stability pact that was part of the agreement that created the Euro would prevent most EU members from engaging in this sort of thing and, indeed, force them into contractionary fiscal policy. It’s worth saying, though, that 200 billion euros, while nothing to sneeze at, isn’t actually a particularly large stimulus package. That’s about half of what Barack Obama’s talking about, and the EU is bigger in terms of both population and GDP.
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