Germany has drawn up an action plan to bolster
economic growth across the European Union, to be presented to E.U.
leaders at a summit called for the end of the month, officials said
The growth proposals, set out in an eight-page report, include measures to address high youth unemployment, boost the European Investment Bank (EIB), cut red tape, increase financial market regulation and an expansion of the region's infrastructure.
The plan is to form part of Europe's attempts to piece together a growth pact that complements its fiscal pact on budget discipline.
The German growth plan, which was prepared by the Ministry of Economics, comes as Chancellor Angela Merkel's government attempts to secure opposition support in parliament for the fiscal pact, which Berlin sees as a key step in combating the debt crisis.
Signs also emerged that the junior member of Merkel's coalition, the pro-business Free Democrats, might be now prepared to consider a new tax on financial transactions, to be backed by as many EU states as possible.
Officials said that under Germany's growth proposals, the EIB would play a major role in promoting growth, with Berlin seeing the bank's capital being increased by 10 billion euros ($12 billion).
The German plan also calls for steps to ensure greater integration of renewable energy sources in Europe's energy mix, along with moves for greater liberalization of rail transport.
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