Brussels has organized a summit to negotiate solution to the euro crisis. President of the European Council Herman van Rompuy said that the only decisions made were measures to increase the capital of the European Investment Bank, tests of some bonds, discussions of the financial plan for 2012-2014 andeconomic and monetary union and a pact for economic growth and employment, RIA Novosti reports.
EU leaders decided to mobilize €120 billion (about 1% of EU GDP) for economic development. The EIB will have its capital increased by €60 billion. Pilot projects will receive €5 billion.
Budget funds will be spent on employing young people and development of small and medium-scale business. The EU will be able to guarantee securities worth €230 million in 2012-2013. Special bonds will attract €4.6 billion of investments in infrastructure, mainly energy and transport.
No clear measures have been decided on how to cope with the crisis that started last year. The EU still does not want to weaken budget consolidation.
