$EU,...EU looks to line up billions of euros for investment
With Europe's economy still in shambles, EU finance ministers called on the European Commission, EU executive, and the European Investment Bank yesterday to seek ways of collecting billions of euros for investment projects without getting deeper into debt.
EU finance ministers are set to discuss the projects and investment tools at their next meeting in Luxembourg in October.
Four ideas of how to finance the projects were put forth by EU finance ministers, including an Italian paper on new financing tools for companies, a Franco-German proposal on how to boost private investments, a Polish proposal on creating a joint EU fund worth €700B ($907B) and a call from incoming European Commission President Jean-Claude Juncker for a €300B investment program to revive the European economy.
The EU's economy grew by just 0.1% this past year and its unemployment rate is almost double the U.S., with approximately 25M people unemployed.
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