European Union finance ministers are set to call for government spending plans to have a greater focus on growth and investment, raising pressure on German Chancellor Angela Merkel to ease her opposition to stimulus measures across the bloc.
The ministers, who meet in Luxembourg on October 14, will say “the composition of public expenditure should be better orientated toward growth, notably in supporting investment,” according to a draft statement obtained by Bloomberg News.
The demand for stimulus to counter Europe’s faltering recovery has grown louder. With German growth now slowing, France barely expanding and Italy falling back into its third recession since 2008, governments are looking for ways to boost job creation.
European Commission President-Elect Jean-Claude Juncker has pledged to push through an €300bn investment programme.
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