EU Calls For Global Coordination To Cope With Economic Downturn

Joaquin Almunia, member of the European Commission responsible for economic and monetary affairs, said 11, the world should strengthen coordination and jointly cope with the economic downturn caused by the financial crisis.

Almunia, speaking at the second Brussels International Economic Forum on the same day, said that the current economic downturn is global and that all countries should take concerted measures to stimulate global demand, which will help to support economic growth.

He warned that countries should avoid falling into protectionism and let economic nationalism prevail, because that would only make the economic situation worse.

Almunia also urged EU Member States to strengthen economic policy coordination first, and join hands to cope with the increasingly severe economic situation as well as to cope with the financial crisis.

If there is no coordination, he said, the effect of national measures will be greatly reduced, and it will take longer to show.

Almunia suggested that the EU and its member states take all possible measures to curb the economic downturn, including monetary policy, fiscal policy and structural reform.

On the 7 day of the EU informal summit meeting, EU leaders agreed that it is necessary to introduce economic stimulus measures as soon as possible after the introduction of the financial rescue plan, and pay attention to strengthening the economic policy coordination within the European Union.

According to the plan, the European Commission will introduce a comprehensive economic stimulus plan on the 26 th of this month to strengthen EU internal coordination and prevent the real economy from being hit hard by the financial crisis.