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EU leaders agree on 120 bn euro growth initiatives

European Union (EU) top leaders have agreed on a package of growth initiatives worth 120 billion euros (about USD 150 billion) to help the most vulnerable economies in the bloc, European Council President Herman Van Rompuy said during a two-day summit in Brussels to tackle the debt crisis.

Updated: Jun 29, 2012, 13:10 PM IST

Brussels: European Union (EU) top leaders have agreed on a package of growth initiatives worth 120 billion euros (about USD 150 billion) to help the most vulnerable economies in the bloc, European Council President Herman Van Rompuy said during a two-day summit in Brussels to tackle the debt crisis.

"We will boost the financing of the economy by mobilizing around 120 billion euros for immediate growth measures," Van Rompuy told a press conference Thursday night.

The projected compact for growth and jobs has not been agreed upon yet, as it takes longer than expected to talk about growth, according to Van Rompuy.

"In the growth and jobs agenda, there's a section that deals with financial stability. That chapter has not been discussed yet," Xinhua quoted him as saying.

IANS