Socialist leaders meeting in Paris ahead of the European summit agreed on the need to revive, without delay, the European economy and boost job creation.

S&D Group president Gianni Pittella stated after the meeting:

"Without the promise of an investment plan of 300 billion euros, the Juncker Commission would not have been supported by the Socialists and Democrats in the European Parliament. The investment plan is the 'raison d'être' for the Juncker Commission.

"This investment plan must become a real credible growth pact to exit the crisis Europe is facing. We also need to use all the flexibility in the growth and stability pact to stimulate growth. We will not accept any blackmail flexibility versus investment plan. Both are necessary for Europe to succeed.

"The European Commission must act quickly and identify concrete projects in the fields of energy, the digital economy and research and innovation.

"Part of the investment plan will also depend on the 2030 climate package which is on the table of heads of states and government. The EU must set ambitious targets to ensure the transition towards the green economy."