Despite reservations about a host of modalities, the rescue strategy proposes a staggering 200 billion-Euro ($264b) ‘fiscal stimulus’ package. So far so good, but the summit has left unanswered the onus of dividing among themselves the economic burden of achieving the targets.
The two-day meeting, also attended by heads of state and government, is billed as one of the most important summits in years. It comes after an inconclusive G-20 summit in Washington under President George Bush, and the failure of the developed and developing nations to agree on a joint mechanism to tackle the creeping-in economic recession.
Apart from economic restructuring plans, the
The summit in
What makes the EU conclave interesting is the fact that despite reservations from
Yet at the same time,
All said and done, economic experts see these measures as a stopgap arrangement, and hope that serious discussions will begin only when Barack Obama takes over the reins of the world’s biggest economy. Another grand summit that will include Obama is envisioned in the first quarter of next year, and is likely to be hosted by
With the International Monetary Fund and the Organisation for Economic Cooperation and Development predicting the European economy to contract next year, the stimulus plan brings with it many of the right policy recommendations. The key test, however, will be how to convince the 27-nation economic bloc to support and implement the plan in word and deed.
a strong performance helped Emmerson and Yildiz secure second place