The European Commission has published a comprehensive European Economic Recovery Plan in response to the global economic crisis. The aim of the Plan is to treat the symptoms of the economic crisis, protect jobs and stimulate the economy by way of co-ordinated action from each member state.

Proposals in the Plan include (1) the implementation of a co-ordinated fiscal stimulus of €200 billion with €170 billion from member states and €30 billion from the European Investment Bank (€15 billion annually for the next 2 years), (2) the European Bank for Reconstruction and Development to provide an additional €500 million annually to its current level of financing in member states, (3) proposals for a new partnership between the public and private sector to boost the construction industry and (4) enabling member states to temporarily ease access to finance for companies finding it difficult to obtain loans by increasing the "safe harbour threshold" for risk capital from €1.5 million to €2.5 million and granting aid for guarantees for loans, subject to certain conditions.

The Commission will be asking the Heads of State and Government at the European Council to consider and endorse the Plan to allow Europe to take global decisive action to support the European economy.