Incoming European Commission President Jean-Claude Juncker said Wednesday that the 300-billion-euro investment plan he has promised will be presented "before Christmas". "There is a hurry," Juncker told a plenary session of the European Parliament in Strasbourg, adding that the plan "cannot be financed with debt". The former Luxembourg premier was speaking before the European Parliament approved his new commission line-up, which will take over the EU executive next month. The plenary session OK'd the team including Italy's Federica Mogherini as high representative for foreign affairs by 423 votes to 209 with 67 abstentions.
Juncker said that there will be no major changes to the EU's budget rules after calls for more flexibility led by Italian Premier Matteo Renzi. "The stability rules do not change," Juncker said, stressing the Growth and Stability Pact already features flexibility mechanisms.
He added that "there will be no epoch-making turning points" with the arrival of the new EC lineup. He said that "budget discipline, with flexibility and structural reforms" are necessary to give new impetus to the European economy.
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