The plan is partly aimed at stimulating further investment in rural broadband.

It is hoped the initiative will also help to create a single market for digital public services.

The Commission has already set targets for improving the speed of home internet connections across the region.

It aims to get all European households on at least 30 megabits per second (Mbps) by 2020, with half the population enjoying more than 100Mbps, so as to make the continent more competitive and productive.

The plan would have to be approved by the European Parliament and the EU's Council of Ministers if it were to become reality.

At least 7bn euro of the investment would go to building high-speed broadband networks, with the funding mostly in the form of debt instruments and equity.

The hope is that giving infrastructure projects credibility in this way would encourage the private sector, as well as local and national governments, to invest at least a further 50bn euro in the rollout.