The European Commission is planning a 130-billion-euro (163-billion-dollar) programme to jumpstart the economy, German news weekly Der Spiegel reported in its online edition Wednesday.

The plan foresees the 27 European Union member states earmarking one percent of their total economic output to fight the downturn, the report said citing plans made under EU Commission chief Jose Manuel Barroso.

The Commission would also set aside some of its own funds.

It is due to present proposals to grapple with the impact of the global financial crisis on November 26.

The 15-nation eurozone fell into recession for the first time ever last week, with gross domestic product in the economies using the euro falling by 0.2 percent in the third quarter after a similar drop in the second quarter.