EU Leaders Look to Trim Deficits

[dclary]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aZsiT87PgH7U

Believing that the money pumped into the world's economies through various stimulus plans have done its job and spurred a recovery, leaders in europe are working on cutting their spending back to sustainable levels.

Sure glad that's what our government's doing too. Because, you know, spending like money grows on Federal Reserve printing presses is bad, isn't it?

 

[AMCrenshaw]

Extra spending by European governments will pump 5 percent of gross domestic product into the 27-nation economy in 2009 and 2010, helping restore growth after this year’s estimated 4 percent contraction, according to EU forecasts. “The significant measures taken by governments and central banks are contributing to limiting the negative effects of the downturn and helping to safeguard jobs,” according to the statement.

How much "extra spending" ?

The leaders agreed to their most sweeping overhaul of financial regulation, sharpening scrutiny of banks and risks after spending billions propping up lenders in the credit crisis. They backed the creation of agencies to unify oversight of banks, insurers, investment firms, credit-rating companies and hazards in the broader economy.

Is this what we're supposed to be doing?





AMC

 

[dclary]

Is this what we're supposed to be doing?





AMC

Already in progress, sir.