EC rescue plan

The European Commission has announced a 200 billion euro plan aimed at preventing massive job losses in the region.



The plan is aimed at stimulating spending and to counter fears of a deep recession.



Commission president Jose Manuel Barroso said its important that EU members act together in a period of exceptional crisis.



The EC expects member states to contribute 170 billion euros, while the European Union will provide the remainder.



Mr. Barroso said the bigger part of the package will be implemented next year, while some measures will continue into 2010.



The proposed plan will need to be approved at the next EU summit in December.