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."