US stimulus is “The Road to Hell”

Mirek Topolanek, the former Prime Minister of the Czech Republic and the head of the European Union, called United States President Barack Obama‘s plan to spend almost US$2 trillion to revive the country’s faltering economy a “road to hell”.

Mirek Topolanek

Mirek Topolanek

“The US treasury secretary talks about permanent action and we at our [EU summit] were quite alarmed by that. He talks about an extensive US stimulus campaign.

All of these steps are the road to hell,” he said, warning that the US’s massive bailouts could risk destabilising financial markets worldwide. He urged other EU governments to avoid making similar plans.

The remarks were made during Topolanek’s report to Members of the European Parliament in Strasbourg, France on Wednesday.

The comments are in sharp contrast to UK Prime Minister Gordon Brown‘s speech to the European Parliament on Tuesday, in which he spoke of a “new era” of cooperation in the ongoing global recession between the United States and Europe.

“Never in recent years have we had an American leadership so keen at all levels to cooperate with Europe on financial stability, climate change, security and development,” Brown said Tuesday.

Mirek Topolanek has become a lame duck prime minister after he was ousted in a vote of no confidence in his government in Prague late Tuesday.

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