Newly-elected EU Commission president promises 300 billion euro investment plan

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[quote]The European Union will have a new executive in place next month led by Jean-Claude Juncker following its approval in a vote by the European Parliament on Wednesday.
Addressing the chamber before his European Commission was approved by 423 votes to 209, the former Luxembourg premier warned that voters were losing patience with EU bureaucracy and a failure to create prosperity. He promised a major plan for new investment within two months of him taking office on Nov. 1.
"Citizens are losing faith," he said in remarks to an assembly to which many new Euroskeptic members were elected in May. "Extremists on the left and right are nipping at our heels. [B]"We are last-chance Europe. Let's seize this chance."[/B]
Juncker, 59, told parliament he would present details of his previously promised 300-billion-euro ($380-billion) plan for investment to bolster growth and jobs by the end of this year but also, in a nod to his conservative ally German Chancellor Angela Merkel, stressed governments must keep deficits down.
Juncker stressed, however, that, as Merkel has said, much of the 300 billion euros should come from private investors and that the EU's budget rules that limit the size of government deficits and public debt will not be weakened.[/quote]
[URL="http://www.reuters.com/article/2014/10/22/us-eu-commission-idUSKCN0IB0T120141022"]Source[/URL]