President of the European Commission (EC) President Jose Manuel Barroso urged European leaders to end of June to adopt measures to stimulate growth, reported Financial Times.
He concedes, however, that highly indebted euro zone governments will have to shrink their budget deficits.
Barroso made his comments after the elections in France and Greece, which voters decisively rejected the idea of budget savings.
Commission President asked European leaders to increase the budget of the European Investment Bank (EIB) with 10 billion. Such a step would allow the bank to expand lending to small and medium businesses, said Barroso.
He asked to approve a Commission proposal for a common European bond to finance infrastructure projects.
European leaders are reluctant to support such ideas, although they are still discussing the specific details of the proposals.
“If member states want to accelerate growth, they have tools they can use,” said Barroso. None of the ideas is not new, recognized representatives of the Commission.
Measures may be included in discussions “Growth Pact”, which should complement initiated by Germany “fiscal pact” agreed earlier this year.
The idea will be discussed at an informal meeting of EU leaders on 23 May.
Berlin, who previously opposed similar initiatives now seem more inclined to give his blessing, say analysts.