Last week the European Commission’s president Jean-Claude Juncker appealed for financial support from member states for his growth initiative’s investment fund.
However, the 28 government leaders who meet in Brussels on Thursday and Friday may not be too inclined to fulfill his wish.
“I need more than just words, I need money too,” Mr. Juncker said.
He wants the leaders to top up his new investment fund with billions from their respective state coffers.
Mr. Juncker’s plan says that contributions to the fund would not be counted as part of national budgets, many of which are in breach of tighter deficit rules imposed by Brussels.
Individual national contributions to Mr. Juncker’s fund would be an unlikely outcome of this week’s meeting, a high-ranking E.U. diplomat said.
If that is the case, there will be no change for the time being to the figures Mr. Juncker presented on November 26, for the new European Fund for Strategic Investments (EFSI) will be endowed with €21 billion, or $25.7 billion, from the E.U. budget and the European Investment Bank (EIB).