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EU to deal with the crisis fiscal spending or up to 16.5% of GDP

Source: Internet
Author: User
Keywords EU spending
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Brussels, June 23 (Reuters)-The European Commission reported 23rd that direct fiscal spending on EU countries to deal with the financial crisis would be a 2.75%~16.5% of GDP. The European Commission issued its annual report on public finances the same day.　　The report says fiscal spending on the crisis as a share of GDP will be between 2.75%~16.5%, depending on how governments recycle Bank aid funds.　　The report notes that the country's response to the crisis has led to a significant increase in public debt, coupled with a slowdown in economic growth and an ageing society, which has raised concerns about the sustainability of public finances in Europe. The report, by studying 49 financial crises around the world over the past 1970 years, found that the government's fiscal spending on saving the financial sector averaged 13% per cent of GDP.

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