BRUSSELS, : The European Commission will come up with proposals by the end of the year to help industry cope with slumping economic activity, according to draft conclusions of an EU summit on Thursday.
"Outside the financial sector, the European Council underlines its determination to take the necessary steps to react to the slowdown in demand and the contraction in investment, and in particular to support European industry," the document said.
"It requests the commission to make appropriate proposals by the end of the year," the document added.
EU leaders were to wrap up a two-day summit Thursday dominated by the financial crisis with a call for an overhaul of the global financial architecture to avert a repeat of the current turmoil.
Concerns are growing about how to limit the impact of the financial crisis on the broader real economy amid growing signs of a sharp slowdown in activity across Europe.
- AFP /ls
Comments: This would be the next step towards turning sentiment around. Politically palatable? If the EU can get their act together, then perhaps a recovery might be on the books as early as H1 09.
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