European Union President calls for frank debate on growth

The President of the European Union Herman Van Rompuy has today called for a "no taboos" debate on how to boost growth and create jobs.

Van Rompuy has confirmed that EU leaders will lay the foundations for a new growth strategy at a summit on Wednesday.

One proposal coming to the table is the introduction of "project bonds" towards targeted investment.

It is understood that a pilot phase amounting to just €230m will be mooted, but its expected the project could attract top-up lending from the European Investment Bank and the private sector.