German Economy Minister Michael Glos said this evening that the European Union was planning a €130 billion growth package for the bloc.

'Overall it's about €130 billion that are to be deployed,' Glos said on German television.

Earlier, Germany's Spiegel Online reported the European Commission was planning a package of the same sum that would require each of its 27 members to contribute 1% of their gross domestic product (GDP).

It says the package would be finalised on November 26.