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European leaders meeting in Brussels have agreed to add more than $150 billion in additional support to the International Monetary1 Fund and struggling eastern European countries. The pledge came Friday at the end of a two day summit.
German Chancellor2 Angela Merkel (2nd l), shares a word with French President Nicolas Sarkozy (r), and French Finance Minister Christine Lagarde (l) at an EU summit in Brussels, Belgium, 20 Mar3 2009
European Union leaders wrapped up their summit in Brussels with no surprises. They were not expected to agree to plow4 more money into their own economies to battle the financial crisis -- and they did not.
They were expected to agree to increase funds to help the International Monetary Fund and Eastern EU members to deal with the financial crisis and they did.
The 27-member bloc5 agreed to double loans available to eastern European countries to $68 billion and to contribute about $100 billion to the IMF as part of an overall funding increase so the institution can help countries worldwide battle the economic downturn.
European Commission head Jose Manuel Barroso hailed what he called Europe's common approach to battling the crisis ahead of the G-20 meeting in London of top world economies in early April. The Brussels meeting wasn't just talk, he told reporters, but achieved concrete results.
"It was five billion euros in additional money for the interconnection to Europe. It was the decision to double our financial facility to support balance of payments in countries that might need support their balance of payments from 25 billion to 50 billion (euros), it was a decision to put more resources for the IMF. So I am not just talking about agreement in principle but concrete results regarding spending and solidarity," he said.
But those decisions also leave Europe at odds6 with the Obama administration, which has pushed European countries to spend more on domestic economic stimulus7 plans. And while Europe wants to double the IMF's resources to $500 billion, Washington is pushing for a higher increase of $750 billion.
Separately, EU leaders backed boosting aid to six former Soviet8 states by about $800 million. But they refused to commit themselves to a figure on helping9 developing nations battle climate change, saying they would wait to see what other countries offered first.
1 monetary | |
adj.货币的,钱的;通货的;金融的;财政的 | |
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2 chancellor | |
n.(英)大臣;法官;(德、奥)总理;大学校长 | |
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3 mar | |
vt.破坏,毁坏,弄糟 | |
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4 plow | |
n.犁,耕地,犁过的地;v.犁,费力地前进[英]plough | |
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5 bloc | |
n.集团;联盟 | |
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6 odds | |
n.让步,机率,可能性,比率;胜败优劣之别 | |
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7 stimulus | |
n.刺激,刺激物,促进因素,引起兴奋的事物 | |
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8 Soviet | |
adj.苏联的,苏维埃的;n.苏维埃 | |
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9 helping | |
n.食物的一份&adj.帮助人的,辅助的 | |
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