European Commission President Jose Manuel Barroso said EU leaders are due to hold crucial discussions on the EU's recovery plan, which is "historically an amazing effort" to help economies grow again by restoring confidence.

He said the financial markets have to rediscover their original scope and serve as a support for growth and job creation.

Barroso urged EU governments to approve a plan to redirect unspent farm subsides of five billion euros (US$6.3 billion) to finance key energy projects, a key part of the commission's proposal for an EU-wide stimulus package.

Turning to the bright side, Swedish lawmaker Carina Adolfsson Elgestam said the economic crisis presents an opportunity to invest in green economy.

"The financial crisis and the economic recession are an opportunity to invest in climate protection measures," she said. "We should demonstrate to the US that we want to maintain our lead in the world in responding to climate change."

Meanwhile, others urged the European Central Bank (ECB) to make further bold cuts of its interest rate to support economy.

"We are seeing a dramatic change, a revolution of ideas, similar to the one in 1929 or in 1973, the first oil shock," said EU lawmaker Jose Manuel Garcia-Margallo, calling on the ECB for "more speed and more audacity" in reducing interest rates and for longer deadlines for paying back loans.

The Frankfurt-based ECB kept its benchmark interest rate unchanged at two percent early this month after it cut the rate for four times with a total reduction of 225 basis points since October.

It was widely expected that the ECB will make a further rate cut next month.

(Xinhua News Agency February 18, 2009)