EU Leaders Say No More Stimulus Spending
Following the appeal of President Barack Obama to spend more stimulus money, European leaders said their government cannot afford more bailouts adding that there are other ways to address the looming global financial problem.
This includes the strengthening of the international fiscal policy and scrutinizing the banking and other financial institutions to avoid possible meltdown.
Following the appeal of President Barack Obama to spend more stimulus money, European leaders said their government cannot afford more bailouts adding that there are other ways to address the looming global financial problem.
To save the ailing economy, European Union (EU) said that strengthening international financial policy can be more effective than injecting stimulus money.
According to consensus, banking and other financial institutions should be scrutinized to prevent possible meltdown which happened in the US in September last year that also resulted to the subsequently collapse of the housing industry.
During the European Union Summit, leaders created the anti-crisis platform which can guide them for the coming G20 conference which will be held in London on April 2.
EU leaders have already injected stimulus package worth $510 billion which is 3.3 percent of its combined GDP. Meanwhile, Obama recently passed a stimulus package totaling $787 billion and the Federal Reserve proposed another $1 trillion to be injected to the credit card system to boost economic activity.
According to German Chancellor Angela Merkel, their government is trying to solve the financial crisis without excessive stimulus spending which may backfire if unregulated. Germany has the largest economy in Europe, making this the most vulnerable to crisis.
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