Jyrki Katainen, vice president for jobs, growth, investment and competitiveness, who has been charged with delivering the program, told CNBC that the program could help Europe recover.
"We need to put more emphasis in Europe on a growth and investment package which will help Europe to recover," Katainen told CNBC's "Worldwide Exchange" on Wednesday. "The investment package is not a one-off stimulus measure -- it's a program and process."
If all the money is raised and spent, the package could give the 28-nation European Union an additional 0.7 percent in gross domestic product (GDP) per year over three years, according to Reuters.
The program includes measures such as boosting liquidity to European investment banks in order to increase their lending capacity to small and medium-sized enterprises to investment in education and infrastructure projects.
Read MoreJob losses and weak demand dent euro zone economy
Despite the Commission's package, Katainen was adamant that euro zone countries needed to implement strict budget discipline -- such as keeping budget deficits within a limit of three percent of GDP set by the Commission – in order to attract investment.
"All the countries must follow the rules," Katainen, a former prime minister of Finland, said. "We have accepted the current set of rules together and all countries must be treated similarly, meaning that the Commission must treat the big and small countries in a similar way because we need to increase confidence in the currency union."
"We have to highlight the need for structural reforms because one of the reasons that economic growth and also investments are lagging behind is that countries are not competitive enough," he said.