EC to spend €315 billion to jumpstart EU economy

European Commission has earmarked €315 billion for stimulating European economies and creating new workplaces. The funds are to be spent in 2015-2017. Most of the funds will be spent on long-term investments (€240 billion) while €75 billion will be offered to SMEs. According to the Commissions estimates, the proposed investment could increase EU’s GDP by €330-410 billion over the next three years and create up to 1.3 million new jobs. “We need to send a message to the people of Europe and to the rest of the world: Europe is back in business,” the President of the European Commission Jean-Claude Juncker told the European Parliament. The plan will use money from the European Investment Bank to feed an investment fund that will provide financing to private-sector driven projects. A list of projects is currently being compiled by EU and EIB officials, in cooperation with individual member states.