EU President Criticizes US Stimulus Plan
European Union (EU) President Mirek Topolanek criticized the US economic plans which include massive stimulus package, adding that excessive government spending may even worsen the situation. Earlier, President Barack Obama urged EU leaders to inject money to its economy to boost production and stop economic recession from getting worse.
Earlier, President Barack Obama urged EU leaders to inject money to its economy to boost production and stop economic recession from getting worse.
European Union (EU) President Mirek Topolanek said on Wednesday the US economic plans are not “the right way” to deal with the worsening global financial crisis which affected most industrialized and developing countries, according to AFP report.
Topolanek, who is also the prime minister of the Czech Republic, criticized President Barack Obama’s massive stimulus spending saying that this may possibly worsen the economic condition in the country.
During the European Parliament conference held in Strasbourg, Topolanek said that Obama’s plan is a “way to hell”, adding that history books have already proven that such economic strategies will not work under any circumstances.
Earlier, Obama urged European leaders to inject more money to their economy to boost its production. This proposal was unheeded since EU governments believe that keeping the banking sector “healthy” will be more effective in dealing with the recession instead of spending stimulus package.
When asked for comments, Washington spokesman Mike Hammer said that Obama still considers meeting EU leaders as a very important opportunity to discuss plans and agreements to deal with the crisis.
On April 4, G20 summit, which will be attended by industrialized countries, will take place in London to discuss economic policy that will address the global financial crisis.
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