Auto Stimulus Packages – European Union

With the European auto industry in turmoil following precipitous falls in vehicle sales in the 2nd half of 2008 and no immediate prospect of a return to normal selling rates, governments in the region are being pressured to act to provide relief to the industry’s value chain. In the words of Carlos Ghosn, Renault’s CEO, “The industry faces a crisis that is brutal, global and exceptionally large. We can even talk of the Great Depression of 1929.”