• Germany's news in English

Warm welcome for EU investment plan

AFP/DPA/The Local · 26 Nov 2014, 14:03

Published: 26 Nov 2014 14:03 GMT+01:00

Facebook Twitter Google+ reddit

"The German government supports in principle the package submitted" by new EU Commission chief Jean-Claude Juncker, Merkel told MPs in the Bundestag.

"Investment is important... but what's important above all is which projects" it is ploughed into, she said.

New EU Commission chief Jean-Claude Juncker earlier on Wednesday unveiled a €315 billion investment plan to "kickstart" the economy, saying it would show the world that Europe was back in business.

The proposal must still be approved by European leaders in December but would entail an investment fund and a scheme to match new projects with private money.

German Economy Minister Sigmar Gabriel said he was pleased about the EU investment proposal.

"We need more growth in Europe," he told reporters, after talks with Britain's Deputy Prime Minister Nick Clegg.

But he also stressed the need for some EU member states to undertake structural reforms and said money alone was not enough.

The Federation of German Industry (BDI) also welcomed the Juncker plan, saying it was the first step in the right direction, but must be combined with structural reforms.

The new European Fund for Strategic Investment will be funded from the EU's budget and from the European Investment Bank, although the door is open for direct contributions from member states.

Merkel indicated that Germany would probably not be in a position to offer much financially.

Europe's biggest economy is due to approve its draft 2015 budget later this week foreseeing a balance of its public finances for the first time since 1969.

Story continues below…

"And that will also apply for the coming years," Merkel said, adding that Germany had lived beyond its means for years, which it plans to bring to an end.

Berlin earlier this month said it planned an additional €10 billion in public investment by 2018, amid calls by some EU partners to do more to help the eurozone economy.

"It's thanks to budgetary discipline that we can invest," Merkel told the Bundestag.

SEE ALSO: Bundesbank: weak growth to close year

For more news from Germany, join us on Facebook and Twitter.

AFP/DPA/The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Obama to visit Berlin in last presidential trip to Germany
President Barack Obama and Chancellor Angela Merkel during a Berlin trip in 2013. Photo: DPA.

The White House announced on Tuesday that US President Barack Obama will be paying one last unexpected visit to the German capital - his last before he leaves office.

Hostility towards minorities 'widespread in Bavaria'
A village in southern Bavaria. Photo: DPA.

Hate and hostility towards groups deemed to be different are not just sentiments felt by fringe extremists, a new report on Bavaria shows.

Hated RB Leipzig emerge as shock challengers to Bayern
RB Leipzig. Photo: DPA

RB Leipzig's remarkable unbeaten start to the Bundesliga season has seen them suddenly emerge at the head of the pack chasing reigning champions and league leaders Bayern Munich.

Munich taxi driver in hospital after attack by British tourists
Photo: DPA

A taxi driver had to be hospitalized in Munich on Monday evening after three British tourists refused to pay their fare and then attacked him.

German police carry out nationwide anti-terror raids
Police outside a building in Jena during raids on Tuesday. Photo: DPA

Police forces in five German states carried out raids on Tuesday morning with the aim of tackling the financing of terror groups, police in Thuringia have reported.

The Local List
10 ways German completely messes up your English
Photo: DPA

So you've mastered German, but now it's time to learn English all over again.

Iconic German church being eroded away by human urine
Ulm Minster towering over the rest Ulm surrounding the Danube. Photo: Pixabay

It will now cost you €100 to spend a penny. That’s if you get caught choosing to pee against the world-famous Ulm Minster.

German small arms ammo exports grow ten-fold
Photo: DPA

The government has come in for criticism after new figures revealed that Germany exported ten times the quantity of small arms ammunition in the first half of 2016 as in the same period last year.

14-year-old stabs 'creepy clown' in prank gone wrong
File photo: DPA.

A 16-year-old in Berlin decided he wanted to scare some friends, but his plot backfired in a violent way.

Four Ku Klux Klan groups active in Germany, says govt
An American member of the KKK at a gathering in Georgia. Photo: EPA.

The German government estimates that there are four Ku Klux Klan (KKK) groups currently active in the country, according to a report by the Süddeutsche Zeitung (SZ) on Tuesday.

Germany's 10 most weird and wonderful landmarks
Sponsored Article
Last chance to vote absentee in the US elections
10 things you never knew about socialist East Germany
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd