US EUROPE AFRICA ASIA 中文
    World / Europe

    EU leaders agree on $150b growth package at summit

    By Fu Jing in Brussels (China Daily) Updated: 2012-06-30 03:33

    European leaders agreed on a growth package of 120 billion euro ($150 billion) to stimulate the economy at their two-day summit, but it seems that the money will not trickle down to businesses as urgently as expected.

    As the summit concluded on Friday, the leaders also achieved consensus on the "building blocks" that can boost further integration of economic and monetary union.

    EU leaders agree on $150b growth package at summit

    German Chancellor Angela Merkel talks to European Central Bank President Mario Draghi, left, and Italian Prime Minister Mario Monti before the final day of the European Union leaders' summit in Brussels on Friday. [Photo/Agencies]

    "What we have already agreed today concerns first of all the growth and jobs agenda," said Herman van Rompuy, president of the European Council, at the news conference on Friday.

    He said the funds will be mobilized for immediate growth measures.

    Van Rompuy said the funds consist of the increased lending capacity of the European Investment Bank and the reallocation of unused European structural funds, in particular, for small and medium-sized enterprises and youth employment.

    However, for businesses that urgently need capital injection, the European Union's measures to tackle growth have not come quickly. The package is being floated about two years after the occurrence of the contagious debt crisis that caused recession in Europe.

    The leaders started to shift their focus from austerity to growth at the beginning of this year. Despite that, businesses signaled their welcome to the measures.

    "The European Union's decisions to channel 55 billion euros to small and medium-sized enterprises seem to be in the right direction," said Christos Vlachos, director of the Greece-China Business Council. "But a question mark should be put on the distribution of the capital."

    He said the top-down process of reallocation would see some difficulties because of the bureaucratic system in Greece. Vlachos expects a new mechanism at European level to be put into place for reallocating capital.

    Stamatina Markou, head of the Information Department of the Hellenic Chinese Chamber, said: "These measures are of great value for the survival of SMEs, which were the first victims of the crisis because of their vulnerability."

    She continued: "European leadership has thus made a good move."

    Van Rompuy also said that the leaders discussed the four building blocks toward a genuine economic and monetary union and they basically agreed to further prepare a report on the fiscal and economic policies needed to reach that goal.

    "They must be accompanied by increased democratic legitimacy and accountability."

    By working with other European institutions and member countries, Van Rompuy said the European Council will prepare a detailed report before the October summit.

    Before the conclusion of the summit, the European Central Bank agreed to work as agent for the European Stability Mechanism and the European Financial Stability Fund in conducting market operations.

    Eurozone leaders decided to establish a single banking supervisory mechanism run by the European Central Bank. Once this mechanism has been created, it will provide the European Stability Mechanism with the means to inject funds into banks directly.

    "We affirm that it is imperative to break the vicious circle between banks and sovereigns," said the leaders in a statement.

    Contact with fujing@chinadaily.com.cn

    Tan Xuan contributed to this story.

     

    Trudeau visits Sina Weibo
    May gets little gasp as EU extends deadline for sufficient progress in Brexit talks
    Ethiopian FM urges strengthened Ethiopia-China ties
    Yemen's ex-president Saleh, relatives killed by Houthis
    Most Popular
    Hot Topics

    ...
    亚洲一区二区三区无码中文字幕| 最近免费视频中文字幕大全| 精品人妻中文字幕有码在线| 无码精品国产VA在线观看| 亚洲 欧美 中文 在线 视频| 亚洲AV中文无码字幕色三| 色综合久久综合中文综合网| 狠狠躁天天躁无码中文字幕图| 我的小后妈中文翻译| 一区二区三区无码高清| 精品无码人妻一区二区三区品| 亚洲毛片网址在线观看中文字幕 | 精品无码综合一区| 亚洲日韩激情无码一区| 最新中文字幕在线观看| 中文在线中文A| 久久精品无码一区二区三区| 亚洲精品午夜无码电影网| 亚洲欧美中文日韩V在线观看 | 无码 免费 国产在线观看91| 亚洲AV无码一区东京热| 区三区激情福利综合中文字幕在线一区亚洲视频1 | 西西4444www大胆无码| 色综合久久中文字幕无码| 极品粉嫩嫩模大尺度无码视频| 最近中文字幕国语免费完整| 日本中文字幕一区二区有码在线| 日韩精品无码永久免费网站| AV无码久久久久不卡网站下载| 亚洲欧洲自拍拍偷午夜色无码| 无码国产精品一区二区免费式影视| 中文字幕一区二区人妻性色| 久久综合一区二区无码| www无码乱伦| 4444亚洲人成无码网在线观看| 国产午夜鲁丝无码拍拍| 秋霞无码一区二区| 色综合久久无码中文字幕| 色综合久久久久无码专区| 国产产无码乱码精品久久鸭| 丰满熟妇乱又伦在线无码视频 |