The effects of an investment package on European economies are particularly large because the countries are highly integrated. Figure 6 illustrates an example comparing where Spain increases investment by itself only and together with other European countries.
The figure shows why cooperation is so important. In the figure for Spain the total job creation with an investment pact is divided into the effect stemming from domestically created jobs and the effect stemming from increased trade with other European countries. Out of a total of 135,000 jobs creat- ed, 64,000 of them stem from increased trade. Put differently, the positive trade effects account for 50 percent of the jobs created.