Europe’s Shadow Budget
The costs of the European Commission’s €315 billion investment plan for 2015-2017 will far outweigh the benefits. The plan amounts to a massive shadow budget that will ultimately help governments circumvent agreed debt limits.
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MUNICH – More details about the European Commission’s €315 billion ($390 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.