On #EUCO, after 6 years in Brussels I have learned one thing: in @EU_Commission speak to "mobilise" or "trigger" €XXXbn investment means that a tiny bit of EU money (wherever it comes from) will be used as a guarantee for the EIB to be able to "crowd-in private investment". 1/n

It can be called JunckerPlan https://www.bruegel.org/2015/06/juncker-plan-the-eib-in-the-drivers-seat/, GreenDeal https://www.bruegel.org/2020/01/a-trillion-reasons-to-scrutinise-the-green-deal-investment-plan/, InvestEU or whatever. I have always been quite skeptic about effect in normal times, but I'm pretty sure it won't work in the midst of a recession or in the early phase of a recovery 2/n

There won't be enough demand for loans/projects coming from the private sector present at the EIB to ensure a strong recovery. Given the depth of the recession we will need fiscal policy (ie spending) to boost directly aggregate demand in the early phase of recovery. 3/n

If the plan that the @EU_Commission intends to present in 2 weeks to Eurogroup/EU Council is based on that, member states should reject it and ask the Commission to re-do its homework, because otherwise it will fail and disappoint again 4/4