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EC rejects demand for £31bn loan

The European Commission has rejected demands for a US-style loan for Euro carmkers to help offset the cost of developing environmental technologies.

 

ACEA, the European carmakers' association had asked for a £31 billion loan but the EU has responded by saying this would equate to over one third of its annual budget.

"This idea does not even merit discussion, "a source at the European Commission told Automotive News Europe this morning.

Carmakers argue that a rush to legislate puts jobs and export earnings at risk, because there is no guarantee consumers will buy greener cars when they are put on the market.

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