Europe’s Shadow Budget

  • 2015-01-08
  • By Hans-Werner Sinn
MUNICH – More details about the European Commission’s €315 billion investment plan for 2015-2017 have finally come to light. The program, announced by European Commission President Jean-Claude Juncker in November, amounts to a massive shadow budget, twice as large as the European Union’s annual official budget, that will finance public investment projects and ultimately help governments circumvent debt limits established in the Stability and Growth Pact. The borrowing will be arranged through the new European Fund for Strategic Investment, operating...
 
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