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You are here: Home Finance & Business Financial crisis leaves euro with new popularity EU set to pump billions into business

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03/12/2008EU set to pump billions into business

Billions of euros have been earmarked to keep businesses across Europe afloat. The cash is part of a massive economic rescue package that was unveiled in Brussels Wednesday by European Commission President José Manuel Barroso.

Loans worth 30 billion euros form part of a raft of measures being proposed to prevent the meltdown of the European economy, according to a document obtained by Radio Netherlands Worldwide which shows that fears of a severe recession lie behind the move.
The measures to support the 'real' economy come after EU governments last month announced bailout plans for banks worth around €1.8 trillion. Small and medium-sized enterprises (SMEs), which include everything from bakeries through gyms to furniture makers, account for 99 percent of the European economy and are especially vulnerable in a downturn. 
"In the current exceptional circumstances, access to finance is a major business concern," the draft document says. And it does on to stress the urgent need to "increase cash flow" and "reduce administrative demands." 
Outline of the EU-rescue package 
  • Lower VAT "to provide impulse to support consumption"
  • Lower labour tax to boost employment
  • Easier access to financing for small and medium-size businesses
  • Less strict rules on state aid and budget deficits
  • Less bureaucracy for businesses and entrepreneurs
  • Bigger role for the European Investment Bank (EIB)
  • All measures to be reversible after two years
  • All measures to promote structural reforms, such as sustainability
But how will this be funded?
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