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Berlin: German Chancellor Angela Merkel said today she backed a new multi-billion-euro European Commission plan to kickstart the European Union's flagging economy, if the funds are invested wisely.

"The German government supports in principle the package submitted" by new European Union Commission chief Jean-Claude Juncker, Merkel told MPs in the Bundestag lower house of parliament.

"Investment is important... but what's important above all is which projects" it is ploughed into, she said.

New European Union Commission chief Jean-Claude Juncker earlier today unveiled a 315-billion-euro ($390 billion) investment plan to "kickstart" the economy, saying it would show the world that Europe was back in business.

The proposal must still be approved by European leaders in December but would entail an investment fund and a scheme to match new projects with private money.

German Economy Minister Sigmar Gabriel said he was pleased about the European Union investment proposal.

But he also stressed the need for some European Union member states to undertake structural reforms and said money alone was not enough.

The new European Fund for Strategic Investment will be funded from the European Union's budget and from the European Investment Bank, although the door is open for direct contributions from member states.

Merkel indicated that Germany would probably not be in a position to offer much financially.

Europe's biggest economy is due to approve its draft 2015 budget later this week foreseeing a balance of its public finances for the first time since 1969.

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Angela Merkel Backs 'In Principle' European Union Plan to Revive Economy