In July the European Commission published its sixth report on economic, social and territorial cohesion (a term that can be roughly translated as equality and inclusiveness).

The report lays out a plan for substantial investment — €450 billion ($583 billion) from three European Union funds — from 2014 to 2020.

Given today's difficult economic and fiscal conditions, where public sector investment is likely to be crowded out in national budgets, this program represents a major commitment to growth-oriented public sector investment.