The European Union leaders gathered in Brussels on 19 and 20/03/2009 for a two-day meeting to discuss ways of getting out of the global economic crisis and to reach a strong common position ahead of the G20 summit on 02/04/2009.
Although there were calls from the United States to spend more, the 27 Member States decided that the existing European stimulus package was sufficient for the moment, and gave priority to the development of better regulation for the financial sector.
The European Council agreed to release 5 billion euro of unspent money from the EU budget to invest in energy and broadband Internet. They doubled the emergency fund for EU Member States with balance of payments problems to 50 billion euro. Moreover, the leaders also agreed to provide 75 billion euro as a voluntary loan to the IMF to enable to help countries affected by the crisis. SHOTLIST