The European Commission announced on November 26, 2014 an Investment Plan of € 315 bln in order to restart economic growth and reduce unemployment across Europe. The European Council approved the Investment Plan on December 18, 2014 and called for the establishment of the European Fund for Strategic Investment (ESFI). The Council's position on the creation of ESFI Regulation was agreed in the ECOFIN on the basis of the Commission's compromise proposal in March 2015. At this stage the European Parliament is in the process of forming its own position. The aim is to reach political agreement and the Regulation to be in effect until June 2015 as requested by the European Council.
The Investment Plan is based on three pillars: