Following the European summit which took place last night in Brussels the president of the S&D Group in the European Parliament, Gianni Pittella stated:
 
"The European Council's green light for a 315 billion investment plan is a first step in the right direction but the real battle for more flexibility is not over yet. We expect a clear interpretation of flexibility in early 2015.  In our view the concept must embrace both the neutralisation of national contributions to the future European strategic investment fund and the public financing of EU projects.
 
"The European Council can implement these two key measures without changing the Stability and Growth Pact.  There is no alternative if we want to make Juncker’s plan effective and want Europe to be able to attract private investment capable of stimulating growth and boosting job creation.
 
"We expect the EU Commission to outline its precise interpretation of not only flexibility but also on how and on which criteria the future investment projects in Europe  will be chosen.
 
"The Socialists and Democrats cannot merely accept an accountant's vision of Europe. This would play into the hands of populists and Euro sceptics. Our common long-term goal must be the  recovery of the European economy in the interest of future generations."