€300bn question left unanswered as MEPs roast Katainen
The most pressing question was worth 300 billion euros as Jyrki Katainen (NCP) appeared before the European Parliament for his confirmation hearing on Tuesday. Katainen faced a barrage of questions about his vision for the investment package he has been asked to compile by Jean-Claude Juncker, the President of the European Commission. “How can you persuade us that [the package is] not a mythical plan that stays on paper or that is simply the re-distribution of existing money?” asked one representative.
Katainen insisted that any speculation on the details of the package is premature.
Instead, he emphasised that both public and private investments are required to encourage economic growth in Europe. Public investments, he estimated, could come from member states with a current account surplus and better use of the EU budget and the European Investment Bank.