On Wednesday November 26, Jean-Claude Juncker unveiled his three-year investment plan to kick-start EU growth. A practical plan, run by the European Investment Bank (EIB) that will set aside 5 billion of its own euros into a fund that it believe can trigger 270 billion euros in private investment. Member States can also contribute if they wish and their commitments will not count in their debt numbers. The initial projects to be launched will be presented at the end of November and funds should be forthcoming in June 2015.
It was to a half full hemicycle of the European Parliament that the President of the European commission presented his investment plan for the next three years. The plan announced four months ago already represents a real risk that relies on the credibility of the European executive for the next five years. The plan aims to make up for the dearth in investment in Europe since 2007, having dropped by 18% according to data from the International Monetary Fund. “What we need is a new start, new investment”, Jean-Claude Juncker stated to the Euro deputies before continuing: “ We will not create debt, we will not undermine the rules of the stability pact.”
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