EU will only allocate 80 billion in unused funds to employment

Prime Minister Mariano Rajoy met with Angela Merkel yesterday to present his proposal concerning the allocation of unused EU funding. During the pair's lunch meeting in Berlin, both leaders discussed economic problems affecting Germany and Spain and made preparations for the EU summit that will be held later this month.

Specifically, Rajoy discussed his hopes of allocating extra aid funds to programs that help generate employment. One idea that he cited was the possibility of giving credits to companies or regional governments that hire young workers or offer more kinds of contracts.

Merkel said in a joint press conference that she would back the proposal that Germany would be ready to spend money on these plans because it would be money well-invested." The European Commission thinks that they could dedicate 80 billion euros of available reform money that is not being utilized or allocated elsewhere. The money would get divided among the various communitarian and regional aid funds.