This study discusses the proposal which consists of financing large-scale infrastructure investments by issuing EU bonds, first introduced by President Delors in his White Paper on “Growth, Competitiveness and Employment” in 1993. This proposal has been partly implemented insofar as the European Commission and the EIB have financed a number of large projects. But it is not considered as a major tool of European economic policy. Monetary policy is the major instrument of short and medium-run oriented strategies while fiscal policy is mainly devoted to the reduction of public deficits and debts. From a more structural point of view, European policies stress the liberalisation of product and labour markets over the last years. In the current context, shall the proposal on large-scale investments be abandoned or shall it still be part of European strategy? (...).