Werner Hoyer, president of the European Investment Bank, has publicly backed European Commission chief Jean-Claude Juncker’s plans for a massive boost to investment in the 28-nation European Union.
But he also warned the E.U. executive arm against tying the hands of the bank, also known as the EIB, which will be tasked with managing where the new money goes.
Mr. Juncker announced in mid-September that he wanted to beef up the European Funds for Strategic Investments, an ambitious project set up in 2014 and designed to jumpstart the Continent’s flagging economy. Under the revised plans, the €315-billion ($350 billion) public-private fund would now have €500 billion made available by 2020 for large-scale investment projects.