In the wake of the elections in France and Greece, European Council President Herman Van Rompuy has called for an informal summit of EU leaders on the 23rd of May to discuss the growth agenda in Europe.
The informal dinner will lay the ground for another meeting at the end of June when leaders are expected to take decisions on their growth and budget consolidation strategy.
“Reducing debt and deficits is essential to build confidence and but borrowing costs. Every euro spend on interest payments is a euro less for jobs and investment. Secondly, to regain competitiveness there should be an acceleration in structural reforms. There is work to do both at national an European level”, said President of the European Commission Jose manuel Barroso
The European Commission is proposing to boost the capital of the European Investment Bank by 10 billion euros. This is the institution that finances infrastructure projects in Europe.