Downing Street Says

» Thursday, November 20, 2008

Economy

Asked about an EU stimulus package, and did we have a view on whether Germany should be doing more than they were, the PMS replied that it was not really for us to tell other countries what they should be doing. The Prime Minister was a big advocate of coordinated action on fiscal policy in this instance, because if we acted together then the impact of an individual stimulus in one country is that much greater. So we were certainly supportive of coordinated action, that was what he was arguing for at the G20 meeting last week, and we were of course in close contact with our European colleagues, but it was really for individual Governments to comment on their own positions and make any announcements.

Asked if that meant we did not support the idea of an EU led stimulus package, the PMS replied that obviously tax and spend was a matter for national governments and national parliaments, and clearly there would need to be proper parliamentary procedures that would need to be respected. In our case, as it happened, we were announcing our plans on Monday.

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