The Recovery Plan includes a co-ordinated fiscal stimulus of around €170 billion at Member State level, and around €30 billion at EU level.
The Recovery Plan includes a co-ordinated fiscal stimulus of around €200 billion or 1.5% of GDP, with around €170 billion at Member State level, as action in their budgets, and around €30 billion at EU level within the EU budget and from the European Investment Bank. The Plan will make ‘use of the full flexibility offered by the Stability and Growth Pact’ and includes granting earlier access to already established programmes. It also calls member states to co-ordinate their fiscal stimulus packages.
It proposes, among others, accelerating payments of up to €6.3 billion under the structural and social funds. To improve energy interconnections and broadband infrastructure, the Commission will mobilise a further €5 billion for the period 2009-10. Also, the European Investment Bank will increase its yearly interventions in the EU by some €15 billion in 2009 with a similar figure in 2010.
The Heads of State and Government will have to endorse the Plan at the European Council on 11-12 December
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Recovery Plan
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