EU leaders have agreed to seek a doubling of International Monetary Fund (IMF) resources to enable it to help countries in the global economic downturn, according to a final draft to be presented at an EU summit on Friday.
The draft made no reference to the size of the possible EU contribution to any doubling. EU officials said late on Thursday the bloc would make a contribution of $75 billion, but wanted to consult first with other G20 countries.
The EU argues the IMF needs a greater role in surveillance and in providing more funds it can offer in emergency loans to countries in financial trouble.
EU leaders were also to go over contentious plans to spend $6.8 billion of unused EU budget funds for new power grids and green energy. The European Commission wants to spend freely on projects that will decrease the environmental burden on the continent.
However they declined other calls to open their purses. They resisted US pressure to expand the bloc's fiscal-stimulus plans and said they aren't ready to boost the EU's $25 billion emergency fund for struggling economies.
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