The European Commission has announced a 315 billion euro investment plan to help boost Europe's competitiveness.
The focus of the plan will be to stimulate fresh infrastructure, including broadband, energy and transport networks as well as educational and industrial projects.
The EU hopes the measures could add between 3 and 4 hundred billion euro to the EU's GDP over the next three years and help create more than a million jobs.
A new investment fund of 21 billion euro managed by the European Investment Bank will only use 8 billion euro of the EU's own budget to start, with the hope of raising the 300 billion euro total through private contributions.
In a speech to the European Parliament, EU Commission President Jean Claude Juncker said austerity drives to reform Europe's economy would continue, but that attracting investment should be the new priority.
IN: "Investing…"
OUT: "…business."
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ALT
In a speech to the European Parliament, EU Commission President Jean Claude Juncker says Europe has fallen into an investment trap.
IN: "When we..."
OUT: "…norms."
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