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China Daily Website

EU leaders agree on 120b-euro growth initiatives

Updated: 2012-06-29 06:47
( Xinhua)

BRUSSELS - European Union (EU) top leaders have agreed on a package of growth initiatives worth 120 billion euros (about $150 billion) to help the most vulnerable economies in the bloc, European Council President Herman Van Rompuy said Thursday night during a two-day summit in Brussels to tackle the debt crisis.

"We will boost the financing of the economy by mobilizing around 120 billion euros for immediate growth measures," Van Rompuy told a press conference on Thursday night.

The projected compact for growth and jobs has not been agreed upon yet, however, as it takes longer than expected to talk about growth, according to Van Rompuy.

"In the growth and jobs agenda, there's a section that deals with financial stability. That chapter has not been discussed yet," the president said at the press conference.