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Juncker's £250bn investment scheme hailed as turning point in EU recovery

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Jean-Claude Juncker yesterday won overwhelming support in the European Parliament for his first major initiative – a European investment fund seeded with EU budget money and boasting a multiplier effect of 15 to deliver €315bn to pour into strategic infrastructure projects over the next three years. Martin Schulz, the president of the parliament, described the Juncker plan as a potential turning point following years of financial and currency troubles and austerity. Werner Hoyer, head of the European Investment Bank which has a key role in the scheme, said the initiative represents a 'paradigm shift' in how the EU budget is utilised.

 

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