EU reveals giant investment plan

The President of the European Commission, Jean-Claude Juncker, has given details of a € 315 billion investment plan to kick-start Europe's economy.

At the heart of his five-year agenda is a new 21 billion Euro fund, which would be used as seed money, to entice the private sectors to raise the rest.

Only eight billion of the original money would come from the EU budget.

The project would take the burden off national governments, already facing big debts after the financial crisis.

He told the European Parliament in Strasbourg that Europe needs a kick-start and today, the Commission is providing the jump lead.

Critics have already suggested that the scheme is too small, and needs far more hard cash if it is to make a major difference.

BBC