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Eurozone Finance Ministers Seek Coordinated Response to Economic Crisis

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Earlier Monday, France announced an agreement with PSA Peugeot Citroen and Renault to provide each car maker with a loan of three billion euros (US$3.9 billion) after they pledged to keep jobs in France this year.

The arrangement has aroused concern among other EU member states, including Germany and Sweden, which feared their domestic car makers would be put at a disadvantage.

The European Commission said it would look carefully into the French plan.

"The Commission will need to scrutinize very carefully details of the subsidies, the conditions attached to make sure of their compliance with state aid and single market rules," Commission spokesman Jonathan Todd said.

In an apparent bid to better coordinate national stimulus plans and counter any trends toward protectionism, the Commission announced Monday the EU's 27 leaders will hold special summit talks later this month, less than four weeks before a scheduled EU summit in March.

EU spokesman Johannes Laitenberger told a regular press briefing that the idea for the summit came during "an intensive and constructive telephone conversation" between European Commission President Jose Manuel Barroso and Topolanek.

He said that the two leaders will meet in Brussels on Wednesday to discuss the summit's agenda and date.

Leaders at the summit will have a preparatory exchange of views on economic recovery plans member states have unveiled in the face of the financial crisis, Laitenberger said.

"The goal of this meeting of heads of state and government will be to examine steps taken up to now within the recovery plan and the efficiency of these steps," Topolanek said in Prague.

It would examine "efforts going on in the member states with the economic stimulus" and "what could usefully be done also with a view to intensifying efforts," he said.

Topolanek said "the last impetus" behind the summit was "the latest selective and protectionist steps and statements made, among others, by President Sarkozy."

(Xinhua News Agency February 10, 2009)

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