146:
The plan announced by the
European Commission at the end of November recommended measures to revive the economy but did not specify much the nature of the plans. Some plans are focused on the stimulation of demand (United Kingdom, to a lesser extent Spain, Italy or the second German plan), other
125:
social measures: the
Commission proposed the governments to temporarily increase unemployment benefits and their duration, to increase allowances to households, to lower taxes on low incomes, to lower social security contributions paid on low wages by employers, to reduce labour costs paid by
150:
Measures took on expenditure to improve demand generally include measures to support medium-term growth through increased public spending on infrastructures (road networks and railway) and aids to the housing sector (notably construction and renovation). Several countries have also announced
151:
short-term measures to relieve the effects of the crisis on the poorest people (increase in benefits and allowances to households with low incomes and unemployed). However, these aids have often limited effects on the economy, because their amounts are insignificant.
82:
The plan combined short-term measures to stimulate demand and maintain jobs and longer-term measures to invest in strategical sectors, including research and innovation. The aim was to promote growth and ensure sustainable prosperity.
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The plan included targeted and temporary measures amounting to 200 billion euros, or 1.5% of EU GDP, using both the national budgets of the national governments, the budget of the EU and that of the
European Investment Bank.
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incentives to investment: the plan outlines measures to encourage the fight against climate change and promotes strategic investments in buildings and energy-efficient technologies.
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rate to support consumption. The
Commission announced it would adopt by mid-March 2009 a proposal to lower VAT rates for services with high labour-intensiveness (such as catering).
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The plan included a broad range of actions at the national level and at EU level to help households and industrial firms (particularly automobile and construction).
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143:, and are focused on 2008 and 2009. However, Germany and Spain have announced fiscal stimulus of respectively 3.3% (two plans altogether) and 8.1% of their GDP.
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The
Commission launches a major Recovery Plan for growth and jobs, to boost demand and restore confidence in the European economy
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employees with low incomes, to provide subsidized loans or credit guarantees for companies, to reduce temporarily the
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tax rebates: lowering taxation on green technology and eco-friendly cars, accompanied by
30:"European Economic Recovery Plan" redirects here. For the European Recovery Program, see
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through national economic policies, with measures extended over a period of two years.
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National plans are often close to 1.2 percentage points of GDP, as recommended by the
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158:. The UK was the only country that opted for a temporary decline in the standard
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34:. For a broader view of policy responses to the global economic slowdown, see
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plans insist more in incentives to supply (French plan, first German plan ).
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Building program (school, hospitals, green energy) to create 100,000 jobs
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The
European Commission presented on 26 November a plan to cope with the
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Tax rebates for companies (2.3 bn) and households (0.7 milliard)
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reflation: the
Commission will allow Member States to break the
1065:
List of banks acquired or bankrupted during the Great
Recession
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646:
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Suppression of contributions and incentives to hire unemployed
159:
127:
931:
Dodd–Frank Wall Street Reform and
Consumer Protection Act
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National fiscal policy response to the Great
Recession
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VAT taxation rate lowered from 17.5% to 15% until 2010
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Policy and political reactions to the Eurozone crisis
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Increase in minimum wage from €570 to €800 by 2012
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55:) amounting to 200 billion euros to cope with
1161:(Europe, Middle East and North Africa, Asia; 2009)
565:, Europa, 26 November 2008 . Accessed 2009-03-21.
256:Aids to construction and housing (2 billion)
1012:American Recovery and Reinvestment Act of 2009
877:Office of Federal Housing Enterprise Oversight
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8:
936:Emergency Economic Stabilization Act of 2008
595:, European Commission. Accessed 2009-03-21.
547:, European Commission. Accessed 2009-03-21.
262:Aids to improve companies' liquidity (10 bn)
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1027:Fraud Enforcement and Recovery Act of 2009
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951:Term Asset-Backed Securities Loan Facility
896:
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451:Aids to improve the liquidity of companies
63:. It aimed at limiting the effects of the
1207:Effects of the Great Recession on museums
1037:Housing and Economic Recovery Act of 2008
921:China–Japan–South Korea trilateral summit
427:Suppression of unemployment contributions
296:Benefit of €400 for each fiscal household
79:in the 27 member countries of the Union.
901:Government policy and spending responses
867:Government National Mortgage Association
424:Cancellation of the increase of VAT rate
344:Expenditures in research and development
961:2008 United Kingdom bank rescue package
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253:Aids to auto industry (2 billion)
946:Temporary Liquidity Guarantee Program
916:Banking (Special Provisions) Act 2008
837:Federal Deposit Insurance Corporation
390:Aids to low-incomes households (3 bn)
27:Economic policy in the European Union
7:
832:Consumer Financial Protection Bureau
421:Tax rebates for households and firms
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1122:Collateralized mortgage obligations
372:Suppression of taxation on overtime
299:Tax rebates for the housing sector
181:Amount in billion euros (% of GDP)
25:
1217:2007–2008 world food price crisis
1017:Chinese economic stimulus program
1002:2008 European Union stimulus plan
926:Commercial Paper Funding Facility
579:A European Economic Recovery Plan
154:Other measures affected national
1245:List of countries by public debt
872:National Asset Management Agency
1200:2008 Central Asia energy crisis
1117:Collateralized debt obligations
53:European Economic Recovery Plan
18:European Economic Recovery Plan
1271:European Union economic policy
1007:2008–2009 Keynesian resurgence
852:Federal Housing Finance Agency
847:Federal Housing Administration
375:Suppression of the housing tax
323:Construction of social housing
210:Investments in infrastructures
36:2008–2009 Keynesian resurgence
1:
1022:Economic Stimulus Act of 2008
956:Troubled Asset Relief Program
882:Office of Financial Stability
857:Federal Housing Finance Board
791:Société Générale trading loss
302:Suppression of the wealth tax
116:is invited to drop its rates.
941:Irish emergency budget, 2009
638:European Commission website
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1276:2008 in the European Union
1240:2007–2008 financial crisis
1132:Mortgage-backed securities
743:Automotive industry crisis
581:by the European Commission
482:Aids to real estate sector
454:Public expenditure (works)
61:2007–2008 financial crisis
29:
1266:Great Recession in Europe
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1137:Secondary mortgage market
1058:rescues, and acquisitions
1056:Government interventions,
1047:Zero interest-rate policy
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758:Housing market correction
544:Kick-starting the economy
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104:Stability and Growth Pact
57:Great Recession in Europe
51:(also referred to as the
43:On 26 November 2008, the
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887:UK Financial Investments
772:Banking losses and fraud
763:Subprime mortgage crisis
748:California budget crisis
71:Presentation of the plan
1173:(worldwide; 2011–2012)
1112:Auction rate securities
842:Federal Home Loan Banks
592:Cutting red tape on VAT
106:for two or three years.
98:The measures included:
77:current economic crisis
862:Federal Reserve System
736:United States-specific
259:Public works (10.5 bn)
49:European stimulus plan
1212:Decline of newspapers
1159:2009 May Day protests
1105:and financial markets
995:Stimulus and recovery
347:Aids to auto industry
1235:European debt crisis
1127:Credit default swaps
1103:Securities involved
909:stability and reform
615:. rodrik.typepad.com
1195:2000s energy crisis
907:Banking and finance
825:Government entities
613:"Stimulus Packages"
510:additional measures
141:European Commission
45:European Commission
1177:Occupy Wall Street
1153:Tea Party protests
811:Scott W. Rothstein
228:Public investments
121:scrappage programs
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1222:Retail apocalypse
1167:(MENA; 2010–2012)
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970:Bank stress tests
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112:lower rates: the
16:(Redirected from
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513:£10 billion
495:£20 billion
469:urgency measures
385:anti-crisis plan
362:election pledges
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156:taxation systems
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489:November 2008
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476:£31 bn (2.2%)
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617:. Retrieved
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507:January 2009
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320:Aids to SMEs
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1165:Arab Spring
1074:Non-banking
806:Tom Petters
619:26 December
599:2009-05-21.
569:2009-05-21.
551:2009-05-21.
445:Tax rebates
408:budget bill
401:Netherlands
312:second plan
309:August 2008
220:second plan
47:proposed a
1260:Categories
527:References
415:8.5 (1.4%)
411:2.5 (0.4%)
333:third plan
277:first plan
274:April 2008
197:first plan
784:Tom Hayes
681:By region
336:50 (4.5%)
315:20 (1.8%)
284:90 (8.1%)
280:20 (1.8%)
247:26 (1.3%)
204:82 (3.3%)
200:32 (1.3%)
184:Measures
1081:Chrysler
693:Americas
597:Archived
567:Archived
549:Archived
366:9 (0.6%)
359:May 2008
293:Tax cuts
160:VAT rate
91:Measures
59:and the
727:Oceania
720:Iceland
223:50 (2%)
190:Germany
172:Country
715:Europe
688:Africa
440:6 (1%)
236:France
355:Italy
270:Spain
982:U.S.
710:Asia
621:2013
178:Type
175:Date
128:VAT
114:ECB
1262::
977:EU
604:^
535:^
166:.
666:e
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623:.
38:.
20:)
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