Commenting on Juncker’s Jobs and Investment Plan, Bernadette Ségol, General Secretary of the European Trade Union Confederation (ETUC) said
“I salute any attempt to increase investment which would bring jobs, but I do not believe Mr Juncker can raise €315bn from €21bn.
“The European Commission seems to be relying on a financial miracle like the loaves and fishes.”
“Raising €315bn would be quite a feat, but would fill less than 40% of the annual investment shortfall since the crisis.”
“I am not holding my breath for a major impact on growth or unemployment. A lot more will be needed to get Europe’s economy moving. I urge European Governments to boost the investment effort.”
#InvestEU @JunckerEU plan & EU annual investment gap: a lot more is needed to get EU economy moving pic.twitter.com/rSJCbdPKh3
— EUROPEAN TRADE UNION (@etuc_ces) November 26, 2014
Notes :
The EU annual investment gap since the crisis is estimated at €280bn*
€105 per year (€315 over 3 years) = 37.5% of the above investment gap (and that does not make up for the years of investment shortfall since the crisis).
A ‘leverage factor’ of 15 is extremely high and almost certainly unrealistic.
The ETUC published its ‘big questions’ /press/junckers-investment-plan-new-start-or-false-start-big-questions for Juncker’s investment plan and asked whether it would be the promised ‘new start’ or a false start, and whether it was simply old wine in new bottles.
*by think-tank Bruegel
