Commission creates EU recovery plan

AN EU recovery plan including measures to cushion the impact of the economic downturn on the real economy, and especially on jobs, is being drawn up by the European Commission.

Its proposals will include a doubling of money to help bail out countries suffering real hardship; the faster release of €350 billion in EU funds for investment projects and money to help retrain those who lose their jobs or want to start up their own businesses.

The proposals will be included in an EU action programme to be released on November 26 next designed to steer the European financial sector out of crisis. It will include new regulation and supervision for the banking sector and its contribution to a global response to the financial crisis.