Glenis Willmott MEPThe global recession

Glenis Willmott MEP

I am the Labour Member of the European Parliament for the East Midlands and Labour's Leader in Europe.

My website is one of the ways in which I keep in touch with constituents. If I can help you with a European problem, or if you want to contact me about policy or for information, please do get in touch.

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The global recession

Find out what action has been taken at EU level to combat the recession

http://ec.europa.eu/economy_finance/focuson/crisis/index_en.htm

The Eurozone Crisis

The Greek economy, fuelled by unsustainable borrowing and tax evasion, is in severe crisis and there are fears for other Eurozone countries, particularly Spain and Portugal.

The response of the EU and the IMF has been decisive and hopefully the situation will stabilise. €440 billion of loan guarantees will come from the Eurozone partners, notably Germany. Britain will not be involved in this as we are not in the Euro, but we will be contributing indirectly as the IMF has also pledged €250 billion and €60 billion will come from the European Commission.

Stability in the European economy is vital for the UK and it is important that we do play our part. The new government has given no indication that it will go back on this agreement.

Background on the BBC website

May 2010