EU secures €50bn to bail out new members 

Mirek Topolánek, Czech prime minister and current holder of the rotating EU presidency, chose the language of figures to sum up the summit's decision. 

"I would like to mention three particular figures – five, 50 and 75. Each time, it is billion euros. Five billion for particular projects with concrete objectives for the energy security of the EU, supporting innovation and new technologies. That's the EU stimulus package, and I'm very happy that we adopted that" (EurActiv 20/03/09). 

"Fifty billion – that's the amount to which we increased the guarantee for countries which have difficulties with their balance of payments. And that's a doubling of that amount, from 25 to 50 [billion euro]. If there is a need to help countries which are particularly hit by the crisis, then there is the possibility to help them." 

"And 75 billion [euro] – that's the figure for a voluntary loan to the IMF, to enable it to react better in the context of the crisis. So we have three real outcomes in figures," Topolánek said. 

Germany lifts veto 

The 50 billion rescue package for Eastern Europe became possible after German Chancellor Angela Merkel agreed to lift the ceiling, as the deepening recession continues to hit East European finances. 

The summit conclusions read: "The Community stands ready to provide balance of payments support for eligible member states that need it and, to this end, welcomes the Commission's intention to make a proposal for doubling the ceiling for the Union's support facility for balance-of-payments assistance to 50bn euro." 

Commission President José Manuel Barroso voiced his satisfaction with what he called a "result-oriented European Council". He too cited as examples the five billion stimulus plan and the doubling of the facility for balance of payments support for member states that might need it.

"These very concrete results give a European dimension in a spirit of solidarity," Barroso said. 

Asked if the 50 billion euro would be sufficient to cover the needs of the EU countries outside the euro zone, the Commission president offered the following comment: 

"We have 25 billion at the moment, ant that's enough to cover countries that already asked for balance of payments support – Hungary and Latvia. But recently we received a request from Romania. And we think the Romanian request can also be covered from the 25 billion, and this still leaves quite a big margin. What we decided today, on the basis of the Commission proposal, is to double this facility. But there have been no specific requests. We want to send a signal that [...] should there be any new request, we are ready to respond to these possible cases."

In another reply to a journalist from Serbia, it was made plain that the fund will be available only to EU members.