Also under consideration are €40 billion in low-interest loans similar to the $25 billion aid package offered by the U.S. government to the Detroit 3. Once again, the move is intended to help the car industry develop new green technologies, reports The Telegraph. However, it is also likely to improve the overall safety of cars on European roads as newer cars tend to be safer thanks to advanced crash-safety technology.
More than 36% of the cars on Western European roads are more than eight years old, with many older than 15 years.
The new proposal emerged from a meeting of commissioners, motor industry chief executives, ministers and parliament members on Wednesday. EU industry commissioner Günter Verheugen said the proposed scheme would have to be financed by national governments but could operate on a pan-European basis.
While the European Investment Bank is hesitant to offer direct loans, a scheme, similar to one already used in France, could see the price of more fuel-efficient vehicles reduced and the opposite occur for gas-guzzlers.
Reader Comments
Fri Oct 31 2008 8:01 AM
Mike says
So they're ensuring that future generations of Europeans have no classic cars to enjoy. This lack of foresight is apalling.
Fri Oct 31 2008 7:23 PM
NaBUru38 says
Mike, the proposal is for incentives, if some don't want to scrape their car, they won't. Besides, not every old car deserves to survive. It's a great measure to increase road safety.
Fri Oct 31 2008 10:29 PM
NoNameDenton says
The New Europe, reminding us why our American ancestors left the Old Europe
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