World

EU Commission chief proposes $380 billion investment plan to boost flagging economy

  • Jean-Claude Juncker, left, President of the European Commission, and Italy's Prime Minister Matteo Renzi discuss at the European Parliament, Tuesday Nov. 25, 2014 in Strasbourg, eastern France. (AP Photo/Patrick Seeger, Pool)

    Jean-Claude Juncker, left, President of the European Commission, and Italy's Prime Minister Matteo Renzi discuss at the European Parliament, Tuesday Nov. 25, 2014 in Strasbourg, eastern France. (AP Photo/Patrick Seeger, Pool)  (The Associated Press)

  • Italian Premier Matteo Renzi, right, and President of the European Commission Jean-Claude Juncker arrive at the EU Parliament in Strasbourg, France, Tuesday, Nov. 25, 2014. Pope Francis has demanded Europe craft a unified and fair immigration policy, saying the thousands of refugees coming ashore need acceptance and assistance, not self-interested policies that risk lives and fuel social conflict. Francis made the comments Tuesday to the European Parliament during a brief visit meant to highlight his vision for Europe a quarter-century after St. John Paul II travelled to Strasbourg to address a continent still divided by the Iron Curtain. (AP Photo/Andrew Medichini)

    Italian Premier Matteo Renzi, right, and President of the European Commission Jean-Claude Juncker arrive at the EU Parliament in Strasbourg, France, Tuesday, Nov. 25, 2014. Pope Francis has demanded Europe craft a unified and fair immigration policy, saying the thousands of refugees coming ashore need acceptance and assistance, not self-interested policies that risk lives and fuel social conflict. Francis made the comments Tuesday to the European Parliament during a brief visit meant to highlight his vision for Europe a quarter-century after St. John Paul II travelled to Strasbourg to address a continent still divided by the Iron Curtain. (AP Photo/Andrew Medichini)  (The Associated Press)

Jean-Claude Juncker, the president of the European Union's executive branch, is proposing a 315-billion euro ($380 billion) investment plan to boost the bloc's flagging economy with some 21 billion coming from EU institutions.

The new European Commission president said Wednesday that the long-awaited plan is centered round EU guarantees that should entice private investors to fund projects benefiting education, transport, the digital economy and the environment.

He said the European Investment Bank will be the "prime mover" in delivering seed money for those investments that would not occur if only private resources were available. Juncker said every euro invested could generate investment of about 15 euros.

Juncker said a message needs to go out to the people of Europe and the rest of the world: "Europe is back in business."