Finance ministers from the 15 countries sharing the euro ruled out on Monday a generalised joint economic recovery plan in the face of a severe slump, opting instead for targeted actions.

`We don`t think that in the eurozone we need a generalised (economic) recovery plan,` Juncker said, adding that `now is not the time to let deficits slide.`

Instead of sweeping `classic` economic stimulus programme, Juncker told journalists that his counterparts preferred `targeted, temporary and consequential measures` in the face of a severe economic slump.

The car industry, which is seeing sales slump in the face of plunging consumer confidence, has repeatedly been cited in recent weeks as a sector that could get special attention although no specific measures have been submitted.

The European Commission estimated earlier on Monday that the worst financial crisis for generations had driven the eurozone economy into recession and economic growth would come close to a standstill next year.

Although EU nations have agreed to coordinate their responses to the financial crisis, divergences had emerged on whether Europe also needed a joint package to tackle the increasingly bleak economic situation.

Meanwhile, the European Commission is drafting plans for targeted and coordinated plans to revive the European economy, which it is to present at the end of the month.

In the absence so far of an EU plan, some countries are pushing ahead with their own initiatives.

The German government is to present a series of measures on Wednesday to boost the economy, ranging from tax breaks for less-polluting cars, making houses more energy efficient and loan guarantees to encourage small businesses to invest more.

`Since Germany has room to manoeuvre on its budget, I don`t see any risk to the situation of its public finances,` Juncker said.

In total, Berlin aims to mobilise more than 30 billion euros (40 billion dollars) in extra investment in order to either create or secure one million jobs.

Meanwhile, French President Nicolas Sarkozy has championed the idea of regular meetings of heads of state and government from the 15 countries sharing the euro, to implicate leaders more in the managing of the eurozone in the face of the crisis.

Currently, only eurozone finance ministers gather regularly to coordinate economic policies at monthly meetings usually in Brussels, which are chaired by Juncker.

`I think it would not really be helpful to formally create a Eurogroup of heads of state and government,` Juncker said. `There will be no permanent structures.`

Likewise Dutch Finance Minister Wouter Bos also said: `We are not in favour of creating new permanent European structures in parallel to the structures that we already have.`

`What we believe was interesting in (Sarkozy`s) particular proposal was that Europe needs to be capable of stronger crisis management,` he added.

Belgian Finance Minister Didier Reynders said that `it has to be seen whether the states can take joint action.`

`We reacted jointly to the financial crisis. Maybe we will also react jointly when we it comes to tackling the economic crisis and the social problems,` he added.