EU Planning $164 Billion Growth Package: Germany

German Economy Minister Michael Glos said on Wednesday the European Union was planning a 130 billion euro ($164.1 billion) growth package for the bloc.

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EU member states are to contribute 1 percent of their gross domestic product (GDP) to a planned package for the bloc, Glos said.

"Overall it's about 130 billion euros that are to be deployed," Glos told German television station n-tv.



"Everyone is to fulfill the 1 percent target," Glos said, adding this would amount to around 25 billion euros for Germany, Europe's largest economy.

Earlier, Germany's Spiegel Online reported the European Commission was planning a package of the same sum that would require each of its 27 members to contribute one percent of their gross domestic product (GDP).

Spiegel Online said it would agree the package on Nov. 26.
Copyright 2008 Reuters