March 20, 2009

Barroso sees strategies coming together

European Commission President Jose Manuel Barroso in Brussels dismissed the notion that U.S. and European economic strategies clashed.

On the final day of a European summit, Barroso said, what I see as a trend is convergence and not at all that there's some big fight, the Financial Times reported Friday.

With an April 2 meeting scheduled in London among Group of 20 countries, the media has played up the U.S. strategy of pushing for more stimulus spending, an option European leaders have been reluctant to embrace.

But Barroso said the main problem will come from other countries, like China, for example, that don't have the culture of a common setting of rules.

Eurozone leaders agreed to give the International Monetary Fund $75 billion to finance efforts to help struggling nations weather the economic downturn. In addition, they expressed support for a proposal to double a program to direct aid to non-member European countries, the Financial Times said.