icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Now what? EU debates crippled economy

A European Union summit is under way in Brussels as the trading zone faces its worst recession in decades. Leaders are discussing a multi-billion euro stimulus package as well as a range of measures to reduce global warming.

Heated debate is expected as politicians and officials grapple with a spending plan and a controversial climate change package.

The EU Commission is proposing splashing out €200 billion to kick-start Europe’s stalled economy.  Commissioners are urging member states to contribute €170 billion with the remaining €30 billion coming from the central budget. 

The plan is built around the twin fiscal planks of tax cuts and strict budget discipline.  

The EU proposal also includes putting €5 billion into energy and broadband projects and €4.5 billion into infrastructure projects.

However, not all countries are enthusiastic. Germany and Poland want unused funds from the EU's annual budget to be returned to national coffers rather than be spent on EU-wide projects.  

Another controversial proposal relates to climate change. The so-called «20-20-20» deal seeks to decrease greenhouse gas emissions by 20 per cent by 2020, cut energy use by 20 per cent and bring renewable energy sources up to 20 per cent of total energy consumption.

However, not all members are keen on imposing extra “green” costs on industry during a recession. Some countries fear that the proposed steps to boost energy savings while cutting greenhouse emissions will see energy prices skyrocket.  They fear that will cause even more pain for their economies.

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts