Krugman calls EU stimulus 'disappointing'

Nobel laureate economist Paul Krugman has told the European Union that its effort to spend its way out of recession "really is disappointing." He estimates that the 27-nation EU is "doing a bit less than half than half as much as the United States." The EU's industry chief spoke to reporters at the same press conference and defended Europe's stimulus program. EU Industry Commissioner Guenter Verheugen says that "we are not sure it would help just to inject more money in the real economy." EU leaders meet Thursday to seek ways to boost the economy as output plummets and unemployment soars. Verheugen said that he could not see the leaders agreeing to a new stimulus package.