EU to move euro5B from farm subsidies to help economy

The European Commission said Wednesday it wanted to use euro5 billion ($6.4 billion) of unspent farm funding to stoke economic growth by boosting energy and Internet links.

The EU executive said spending more on better gas and electricity connections and broadband Internet infrastructures would improve Europe’s energy security and make the region more competitive.

It said this would not damage agriculture payouts — which eat up 40 percent of the euro115 billion ($147 billion) EU budget — because the money would come from farm funding that has not been spent.