German Government to Draft Economy Plan in January

German government will wait till late January to finalize new economic stimulus plans


The German government said Sunday it will wait until late January to finalize plans for guiding the European Union's biggest economy through the financial crisis.

"We have agreed in the meantime to do our homework and then, at the end of January, to decide what more needs to be done," Economy Minister Michael Glos told reporters after a summit of government ministers, business executives and labor leaders called by Chancellor Angela Merkel.

Participants discussed government-led infrastructure projects among possible tools for economic stimulus, but reached no concrete agreements at what Merkel said was the first in a series of meetings.

Merkel told reporters before the summit began at her offices in Berlin that she would press for "collective accountability" on any new plan her government might employ to avoid economic catastrophe.

Merkel's critics at home and abroad say her response to the economic crisis has been far too cautious.

Paul Krugman, a Princeton University professor and New York Times columnist who accepted the Nobel prize in economics Wednesday, joined that list of detractors this weekend in an interview with Germany's Der Spiegel magazine.

"They are misjudging the severity of the economic crisis and wasting valuable time," Spiegel quoted Krugman as saying of Merkel and Finance Minister Peer Steinbrueck.

Merkel and her representatives have defended the government's existing stimulus package, which is expected to cost 23 billion euros ($31 billion) and trigger investments of up to 50 billion euros, as one of the strongest in the EU.

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