European Commission presents $375 bln plan to revive EU economy

European Commission President Jean-Claude Juncker presented Wednesday his three-year plan to revive the EU economy by creating a European Fund for Strategic Investment (EFSI), planned to attract at least $375 billion of largely private contributions to high-risk projects, Sputnik reported.

“We are offering hope to millions of Europeans disillusioned after years of stagnation. Yes, Europe can still become the epicenter of a major investment drive. Yes, Europe can grow again,” Juncker said, addressing the EU Parliament.

According to Juncker, his plan will address the bloc’s current lack of investment, by providing guarantees to absorb the initial risks associated with starting new projects, important to the development of the 28-member bloc.

“We need to send a message to the people of Europe and to the rest of the world: Europe is back in business,” Junker said.

“We need to invest in our education and innovation systems that are often underfunded and less equipped than those of our key competitors. Investing in people –this is what the social market economy is about,” he added.