Economy: EU agree on $200 bn plan to save Europe

European Union (EU) leaders have agreed on a 200-billion-euro ($264 billion) fiscal stimulus package to tackle an economic recession, British Prime Minister Gordon Brown said on Friday.

"We have agreed on an ambitious stimulus package," Brown told a press conference at a summit with his EU counterparts in Brussels, adding it was a "unanimous" deal.

The fiscal stimulus will be worth around 1.5 percent of the EU's gross domestic product (GDP), including "judicious reductions in tax" and increases in public spending, Brown said.

"Europe is fully united. This is a fiscal stimulus of 1.5 percent of our national incomes, around 200 billion euros," he said.

Published by Mike Hitchen, Mike Hitchen Consulting
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