EU Commission President Jose Manuel Barroso and other officials announced the agreement at the end of a two-day summit among leaders of the 27 EU member states that focused on efforts to stop a worsening European recession.

EU leaders said the bloc itself would provide between EUR75 billion - 100 billion in additional loans to the IMF.

A final decision on reforming the IMF will be made at a meeting of the Group of 20 leading industrialized and developing countries in London on April 2. That gathering is meant to find antidotes to the worsening downturn.

The EU leaders also agreed to double funds meant to bail out struggling member states to EUR50 billion (US$68 billion). Czech Prime Minister Marek Topolanek, whose country holds the EU presidency, said the money is meant for “countries that are particularly hit by the crisis” and that do not use the euro currency.

The EU leaders were also to issue a call to others to keep markets open and “avoid all form of protectionist measures” and to try again to revive stalled world trade talks.

The EU leaders also agreed to spend EUR5 billion (US$6.8 billion) of unused EU budget funds for new power grids and green energy.