Juncker Unveils EUR 300 B Investment Plan Ahead of No Confidence VoteEU | November 26, 2014, Wednesday // 11:55| views
European Commission President Jean Claude Juncker attends a hearing during mini plenary session of European Parliament in Brussels, Belgium, 12 November 2014. Photo by EPA/BGNES
EU Commission President Jean-Claude Juncker has announced what he describes as an investment package of EUR 315 B for the next three years.
The so-called "Investment Plan" is aimed at boosting the growth of EU economy by 0.7 to one percent and opening a million new jobs.
EU institutions are expected to only provide a small chunk of the money. Juncker's idea does not involve raising and setting aside EUR 315 B, but just EUR 60 B from the European Investment Bank (EIB) via "EU guarantees" issued by the Commission itself.
The remainder will be secured from public and private investment.
In Juncker's words it is time for Europe to kick-start growth without boosting public debt further.
The "investment plan" will only constitue a third of the strategy to provide employment opportunities to Europeans currently out of work.
Though admitting his plan had certain flaws, Juncker insisted it was not just "money moving around".
EIB President Werner Hoyer, who spoke after Juncker, made clear his institutions was committed to the project.
Experts composing an "investment committee" will be in charge of evaluating Juncker's proposal.
The project has met mixed reception, with some analysts doubting its feasibility.
Wednesday's announcement comes just hours before a vote of no confidence against Juncker over tax avoidance schemes carried out in Luxembourg while he was the country's Prime Minister.
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