Europe is making good on its promise. The provisional agreement by the European Parliament, European Commission and the member states on the foundation of the new Europe-wide investment fund EFSI is excellent news for the citizens of Europe.

Commission President Jean-Claude Juncker suggested only a few months ago that urgently needed investments throughout Europe be stimulated with more than 300 billion euros. The aim for the fund to start its work in the second half of this year is now within reach.

In addition to structural reforms and socially balanced budget consolidation, future-oriented investments are decisive for more growth and employment. Thanks to the new fund, many important projects can at last be launched, especially in the countries of southern Europe, which have been particularly badly hit by the crisis. Experts from the European Investment Bank will ensure that the funds will reach the most useful projects. Europe is showing that it is able to act in the crisis and that it is taking decisive steps to combat unemployment and social inequality.