MILAN (AP) European finance ministers agreed Saturday on the necessity of leveraging private investments with urgent structural reforms to relaunch the continent's moribund economy.
The ministers focused on a proposal by Jean-Claude Junkers, incoming president of the European Commission, for 300 billion euros ($388 billion) in public and private investments to revive the economy, but few details emerged at the informal meeting.
"The master plan for growth is more investments, above all private but also public in the form of catalyzer," said Italian Finance Minister Pier Carlo Padoan, who chaired the session under the rotating Italian presidency of the 28-nation European Union.
He said structural reforms are urgently needed to encourage investments and "create conditions of profitability."
The ministers have asked European Commission and the European Investment for reports on concrete measures that would encourage investment, Padoan said.