The European Commission presented Wednesday a comprehensive plan to drive Europe's recovery from the current economic crisis.

The Recovery Plan is based on short-term measures to boost demand and save jobs , as well as "smart investment" to yield higher growth and sustainable prosperity in the longer-term.

The Plan calls for a targeted and temporary fiscal stimulus of around EUR 200 billion or 1.5% of EU GDP, within both national budgets and EU and European Investment Bank budgets.

"Exceptional times call for exceptional measures. The jobs and well-being of our citizens are at stake. Europe needs to extend to the real economy its unprecedented coordination over financial markets," Commission President Jose Manuel Barroso said.

"The Recovery Plan can keep millions in work in the short-term. It can turn the crisis into an opportunity to create clean growth and more and better jobs in the future," Mr Barroso pointed out.

"If Europe acts decisively to implement this Recovery Plan, we can get back on a path of sustainable growth and pay back short-term government borrowing. If we do not act now, we risk a vicious recessionary cycle of falling purchasing power and tax revenues, rising unemployment and ever wider budget deficits." The EC President concluded.

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