EU finance ministers agree to four-year, US$338 billion investment plan
- 9 years ago
We take you now to Europe.
A packed meeting of European finance ministers on Tuesday produced a green light... for a 340 billion U.S. dollar investment plan... to help revitalize the weak European economy.
Shin Se-min has the highlights of that meeting.
The European Union has decided to set up a four-year, 340 billion U.S. dollar investment plan... in order to help revive its struggling economy.
The agreement on the so-called European Fund for Strategic Investment was made during an EU finance ministers' meeting in Brussels on Tuesday.
"The investment plan is the answer we need to confront the main handicap of the European economy: a lack of investment."
The decision still needs the approval of the European Parliament.
If approved,... EU officials say the stimulus plan could be up and running by the end of June or July.
Under the plan,... a guaranteed fund of 22 billion dollars will be set up, with the hope of attracting some 340 billion dollars through private investment by 2017.
Italy announced that it would inject 8-and-a-half billion dollars into the fund... after Germany and France said they would contribute the same amount.
Spain also vowed to chip in 1-point-6 billion.
But none of the other EU countries have committed to investing in the fund.
The ministers also agreed on other matters.
France was given an extra two years to bring its deficit below the 3-percent threshold,... the third time France has been granted an extension.
The country now has more time to implement reforms and cut spending,... amid feeble economic growth and low inflation.
France has been exceeding the EU's deficit target of three percent of GDP for six straight years.
Greece's economic woes also came up.
Germany's finance minister said Athens will receive no more aid until the country's international creditors are satisfied that it has delivered on its reform commitments.
Shin Se-min, Arirang News.
A packed meeting of European finance ministers on Tuesday produced a green light... for a 340 billion U.S. dollar investment plan... to help revitalize the weak European economy.
Shin Se-min has the highlights of that meeting.
The European Union has decided to set up a four-year, 340 billion U.S. dollar investment plan... in order to help revive its struggling economy.
The agreement on the so-called European Fund for Strategic Investment was made during an EU finance ministers' meeting in Brussels on Tuesday.
"The investment plan is the answer we need to confront the main handicap of the European economy: a lack of investment."
The decision still needs the approval of the European Parliament.
If approved,... EU officials say the stimulus plan could be up and running by the end of June or July.
Under the plan,... a guaranteed fund of 22 billion dollars will be set up, with the hope of attracting some 340 billion dollars through private investment by 2017.
Italy announced that it would inject 8-and-a-half billion dollars into the fund... after Germany and France said they would contribute the same amount.
Spain also vowed to chip in 1-point-6 billion.
But none of the other EU countries have committed to investing in the fund.
The ministers also agreed on other matters.
France was given an extra two years to bring its deficit below the 3-percent threshold,... the third time France has been granted an extension.
The country now has more time to implement reforms and cut spending,... amid feeble economic growth and low inflation.
France has been exceeding the EU's deficit target of three percent of GDP for six straight years.
Greece's economic woes also came up.
Germany's finance minister said Athens will receive no more aid until the country's international creditors are satisfied that it has delivered on its reform commitments.
Shin Se-min, Arirang News.