European finance ministers ruled out efforts to spur thefaltering economy and showed no signs of taking up a proposal byU.S. Treasury Secretary Timothy Geithner to increase the firepowerof the debt crisis rescue fund.
Inviting Geithner to a euro meeting for the first time, theEuropean finance chiefs said the 18-month debt crisis leaves noroom for tax cuts or extra spending to spur an economy on the brinkof stagnation.
“We have slightly different views from time to time with ourU.S. colleagues when it comes to fiscal stimulus packages,”Luxembourg Prime Minister Jean-Claude Juncker told reporters todayafter chairing the meeting in Wroclaw, Poland. “We don't see anyroom for maneuver in the euro area which could allow us to launchnew fiscal stimulus packages. That will not be possible.”
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