The European Union needs 300 billion euros
Berlin – Kyiv, November 18 (PolitNavigator, Vasily Ablyazimov) – The European Union needs approximately 300 billion euros from taxpayers and creditors to support the economy and infrastructure, German Economic News reports today.
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European Commission President Jean-Claude Juncker is due to unveil details of an economic stimulus plan in December. The European Union must find at least 300 billion euros of additional funds over three years to support pan-European projects, the German publication reports. Funds will come from Brussels and partly from private investors.
In recent years, the EU budget has not been enough even to cover normal expenses, and additional funds had to be withdrawn, the publication recalls. The European Union itself is becoming the largest client of global creditors.
An unfavorable development of the plan could jeopardize Europe's major subsidized infrastructure projects. The plan will soon be reviewed in global financial centers such as London and New York.
The European Union needs €300 billion.