BRUSSELS, Sept. 17 (Xinhua) -- The Netherlands is calling for a joint response to the financial crisis from all European Union (EU) countries which would involve each nation putting aside three percent of its national Gross National Product, Radio Netherlands reported Thursday.

    Dutch Prime Minister Jan Peter Balkenende is scheduled to travel to France and discuss the proposal with French President Nicolas Sarkozy, whose country holds the EU's rotating presidency, Thursday.

    The Netherlands proposes that all EU members reserve emergency funds to rescue crippled financial institutions. The total amount for the whole of the EU would be around 350 billion euros (483 billion U.S. dollars), which the Netherlands believes would be enough to prevent the collapse of financial institutions.

    Under the plan, member states could decide by themselves how the money should be spent. However, they would have to agree on a common line on the conditions under which companies received the support, the report said.

    According to Dutch daily Financieele Dagblad, the French are interested in the Netherlands' suggestion. But German Chancellor Angela Merkel opposes a joint EU rescue fund.

    Balkenende was due to discuss the plan with the French president on Wednesday but the trip was postponed until Thursday because of "technical problems" with the plane.