(VOVworld) - European Commission President Jean-Claude Juncker has presented the European Parliament in Strasbourg with a 315-billion-euro investment plan which aims to kick start the EU's economy.

Jean-Claude Juncker said Europe needs a 'kick-start' (Photo:RTE News)

A new European Fund for Strategic Investment will be funded to the tune of 21 billion euros. Overall responsibility for the three-year plan will fall to the European Investment Bank. Juncker must get the approval of the European Parliament before his plan is presented to EU leaders at their summit in December. The cornerstone of his five-year tenure, the plan aims to fix EU’s ailing economy, plagued by unemployment and severe inflation.