EU Ready for Common Response with U.S. to Economic Crisis

The European Union (EU) is willing to work with incoming U.S. President Barack Obama for a common response to the economic crisis, the European Commission President Jose Manuel Barroso said on Tuesday.

If we agree at European level this week, why not have a joint program with America? This could be a good objective, Barroso told a press conference two days before the EU leaders meet in Brussels.

The year-end summit was expected to forge a coordinated EU response to an economic recession in Europe based on a 200-billion- euro (256-billion-U.S. dollar) stimulus package proposed by the commission last month.

Why not, after a new administration comes in place, articulate with our American partners a common response to the economic crisis, Barroso said.

He welcomed a pledge by U.S. President-elect Barack Obama to boost the world's largest economy with massive spending on infrastructure and green technologies.

I welcome the intentions of the U.S. It is very good news for the global economy, Barroso said, adding Obama's economic recovery plan was similar to the EU one, particularly as regards the need for a targeted fiscal stimulus, energy efficiency, green jobs and innovation.

Source: CRIEnglish