MercoPress. South Atlantic News Agency

48 million Euros for Mercosur

The European Commission will invest 48 million Euros to strengthen Mercosur in the framework of a program targeted to help build the home market, reinvigorate democratic institutions and the participation of the civil society.

"This is the EU executive answer to Mercosur integration process when we're working together for an association agreement", said the Foreign Affairs European Commissar Chris Patten.

"It's important to support our partners when the region faces serious economic and political challenges", indicated Mr. Patten.

The European Commission was almost simultaneous to a European Parliament resolution requesting country members to co-ordinate actions before the International Monetary Fund, IMF, to support Mercosur, and particularly Argentina.

"International financial organizations from the beginning of the crisis, decided to assist countries in ways totally different", so it's important the Fifteen join efforts in the multilateral organizations "to support adequate credit policies for Mercosur employment and growth targets", reads the EU Parliament statement.

"We're very concerned with the financial perturbations of the region", said Mr. Patten, adding that "the IMF doesn't always help to solve crisis and the Argentine situation makes it evident that the EU must act jointly in international forums".