Dutch leaders propose EU rescue fund
Balkenende and Bos suggest EU countries save up to EUR 350M in a joint emergency fund for troubled banks.3 October 2008
THE HAGUE -- Prime Minister Jan Peter Balkenende and Finance Minister Wouter Bos are proposing that all European Union countries save money for the possible rescue of financial institutions. Member states would reserve 3 percent of their gross national product.
The Netherlands would save EUR 18 billion, and the total figure for the entire EU would be around EUR 350 billion. Mr Balkenende and Mr Bos believe this amount would prevent the collapse of financial institutions.
Under the plan, each member state could decide on how to spend the money. However, the European Commission would play a coordinating role in the joint fund.
[Radio Netherlands / Expatica]