Brussels - The European Union on Wednesday called on member states to help the bloc avoid a deep recession by mobilizing 200 billion euros (260 billion dollars) in extra spending and tax cuts.
"Exceptional times call for exceptional measures," said the head of the EU's executive, European Commission chief Jose Manuel Barroso.
"Our plan will boost demand and thus save and create millions of jobs," he said.
According to the head of the EU executive, the bulk of the money - 170 billion euros - should come from national governments, with the remaining 30 billion being made available by the European Commission and the Luxembourg-based European Investment Bank (EIB).