The plan calls for a ceasefire and increased international intervention in the Israeli-Palestinian conflict.
An Israeli official said parts of the plan were being discussed, but it was not being taken seriously as it was not co-coordinated with the EU or
The Spanish prime minister proposed the plan, saying the situation required urgent action by the outside world.
"We cannot remain impassive in the face of the horror that continues to unfold before our eyes," Jose Luis Rodriguez Zapatero said.
"Violence has reached a level of deterioration that requires determined, urgent action by the international community."
Israeli opposition
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A senior Palestinian negotiator, Saeb Erekat, welcomed the plan in principle.
But he added: "We don't need to reinvent the wheel, we don't need a new initiative. What we need is a mechanism for implementation and timelines [for settlement]."
"President Bush has specified the endgame as a two-state solution. What we need is a realistic political track, and that's where this initiative can come in."
EU summit
"Peace between
He said a plan would be put to an EU summit in December and he hoped it would be backed by the
The proposal would include an immediate ceasefire and the formation of a Palestinian unity government.
The other three components of the plan would involve an exchange of prisoners, talks between
The peace move comes after a major Israeli ground offensive in
More than 80 Palestinians were killed in the operation and the period immediately after it, many of them civilians.
On Wednesday, a Palestinian rocket fired into
Israeli forces have made regular incursions into
Fourteen months ago
Photo Caption
Israeli forces in the center of the city of