Mr Juncker is not solely to blame for the timidity of his plans. The commission has little money of its own. Although its budget should be better spent—it remains ludicrous to devote 40% of it to farm subsidies—it adds up to less than 1% of the EU’s total GDP. His proposed European Fund for Strategic Investments, the vehicle that aims to lure in private capital, and the expansion of the EIB may both be worthwhile ideas. Yet passing the necessary laws, finding the right projects and then raising the finance will take months or, more likely, years. For Mr Juncker to present this package as the answer to today’s stagnating economy is at best disingenuous, at worst dishonest. It may also be dangerous, because it will offer cover for governments to keep up their fiscal retrenchment at a time when they should be doing the opposite.