Project N°82 EU launches € 315 billion Investment Offensive to boost jobs and growth
The European Commission today announced a €315 billion Investment Plan to get Europe growing again and get more people back to work.
The Plan is built on three main strands
- the creation of a new European Fund for Strategic Investments, guaranteed with public money, to mobilise at least € 315 billion of additional investment over the next three years (2015 - 2017);
- the establishment of a credible project pipeline coupled with an assistance programme to channel investments where they are most needed;
- an ambitious roadmap to make Europe more attractive for investment and remove regulatory bottlenecks.
According to European Commission estimates, taken as a whole, the proposed measures could add €330 - €410 billion to EU GDP over the next three years and create up to 1.3 million new jobs.
Commenting on the Plan, European Commission President Jean-Claude Juncker said: "If Europe invests more, Europe will be more prosperous and create more jobs – it's as simple as that. The Investment Plan we are putting forward today in close partnership with the European Investment Bank is an ambitious and new way of boosting investment without creating new debt. Now is the time to invest in our future, in key strategic areas for Europe, such as energy, transport, broadband, education, research and innovation. I am now counting on the European Parliament and on Member States to pitch in and do their part to get the new European Fund for Strategic Investments up and running as soon as possible. Europe needs a kick-start and today we are supplying the jump cables."
Member States will shortly finalise the programming of European Structural and Investment Funds to maximise their leverage, while the European Investment Fund will be scaled up thanks to a first additional contribution from the EIB. In parallel, the Commission and EIB will initiate the formal arrangements for the new European Fund for Strategic Investments.
The joint Commission-EIB Task Force is expected to provide a first list of possible investment projects in the course of December to start building a transparent European pipeline of projects. Technical assistance will be strengthened, together with the EIB and key national and regional actors, to build an investment advisory "Hub" offering one-stop-shop services for project promoters, investors and public managing authorities.
All relevant measures should be adopted so that the new European Fund for Strategic Investments can be set up by mid-2015. By mid-2016, the European Commission and Heads of State and Government will take stock of the progress made and, if necessary, consider further options.
All EU member states
EU for Jobs
EU for Business
€315 billion of additional investment over the next three years (2015 - 2017)
New European Fund for Strategic Investments can be set up by mid-2015