News Summary: Germany proposes Europe growth plan

AP News
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Posted: Jun 05, 2012 1:53 PM
News Summary: Germany proposes Europe growth plan

NO NEW AID: German Chancellor Angela Merkel's government is proposing a plan to encourage growth in Europe that features structural reforms and a more efficient use of existing EU funds, but no fresh stimulus money.

CHANGING SENTIMENT: Merkel wants the German Parliament to pass the treaty created by the EU last year. That treaty stressed fiscal discipline, but the political tide in Europe has shifted away from austerity measures to calls for a growth initiative as the bloc is on the brink of a recession.

OPPOSITION: Merkel's new proposal falls short of the German opposition's demands for growth plans.