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European business leaders welcome EU investment plan

brussels bureau

European business leaders welcome EU investment plan


European business leaders have welcomed an EU plan to boost growth and jobs.

A European Fund for Strategic Investments is European Commission president Jean Claude Juncker’s masterplan to revive the European economy.

“In the social field, in tax matters, in the environmental field it is very important that we gradually converge, hugely simplifying bureaucracy, and the regulatory environment,” said Pierre Gattaz, President of French Business Federation.

Unsurprisingly, so-called red tape is a common complaint.

“We need to deal with some points: for example, the cost of energy must be lower, we still have a lot of red tape that we have to deal with, we have (need) to open to the international market,” said Emma Marcegaglia, President of BusinessEurope, a lobby representing European firms.

The 21 billion euro fund set by the European Commission and the European Investment Bank is supposed to leverage 315 billion euros in private investment.

Only Germany, Italy, France and Spain made pledges so far.

“Those prime-ministers who are telling the domestic public that this plan is not ambitious enough, should try to find some money in their pocket,” said Jean-Claude Juncker, the president of the European Commission.

Infrastructure, transport and energy are key target areas, as well as the digital economy.

A new strategy to shape a single digital market will be presented by Commission on the 6th may.

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brussels bureau