Juncker calls for €300bn investment
New European Commission president seeks package to stimulate economy
Jean-Claude Juncker: “The economy has to serve people and not the other way around.” Photograph: Vincent Kessler/Reuters
Newly-elected head of the European Commission Jean-Claude Juncker called for a €300 billion package of investment to stimulate the European economy yesterday but stopped short of endorsing greater budgetary flexibility for EU member states.
In a speech to the European Parliament in Strasbourg ahead of his election by MEP’s in a private vote, Mr Juncker called for a €300 billion package over the next three years, involving public-private investment and existing funds from the EU budget and the European Investment Bank.
He said Europe needed to increase its competitiveness and pledged to support the EU-US trade deal, but he warned that Europe would not sacrifice its standards, particularly in the area of health.
“If we don’t publish the related documents . . . this treaty will fail. It will fail in the eyes of public opinion,” he said.
While welcoming Mr Juncker’s appointment, the head of the S&D group, which contains more than 30 MEPs from Italian prime minister Matteo Renzi’s socialist party, said that “countries with ambitious reforms and that invest in knowledge and know- how should not be cramped . . . [by] duly rigid rules”.
Mr Juncker also outlined his support for a minimum wage in every European country.
Mr Juncker, who will attend today’s EU summit at Brussels where the remaining EU top jobs will be discussed, also defended the single currency as something that gave “discipline and protection” to euro zone countries.
The former Luxembourg prime minister, who headed the euro group during the financial crisis, likened the handling of the euro zone crisis to “keeping a burning airplane in the air”.
He said he was “proud” that Greece had remained within the euro zone, but that future economic adjustment programmes would be accompanied by a social-impact assessment.
Mr Juncker, who was prime minister of Luxembourg when controversial tax rulings with multinational companies were negotiated, said he supported the common consolidated corporate tax base (CCCTB), the Financial Transactions Tax (FTT) and was committed to tackling tax fraud.