EU ends economic summit
Published:Monday | March 2, 2009 | 11:43 AM
EU leaders have ended an emergency summit in Brussels saying they are determined to avoid protectionist moves in response to the economic crisis.
Hungary had earlier called for a EU$180 billion aid package for Central and Eastern Europe but that was rejected.
Germany\'s Chancellor Angela Merkel said the former communist countries, the newest EU member states were not all in the same situation.
The summit followed the French president\'s pledge to help his nation\'s car industry if jobs were safeguarded in France.
President Nicolas Sarkozy\'s move raised fears that national protectionism could ruin hopes of recovery within the EU.
The Czech Republic, the current holder of the EU presidency, condemned his comments.
Many of the newer EU members in Central and Eastern Europe have seen their financial institutions and economies battered by the downturn.
They are faced with plunging currencies, factory closures and in some cases social unrest.
Hungary and Latvia especially are facing serious liquidity problems and are already receiving billions of euros from an EU emergency fund.
The summit, called by the Czech Republic, came just a week after the same EU leaders met to discuss reforming the region\'s financial system.