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VIENNA, Nov. 24 -- Austrian Chancellor Werner Faymann and Italian Prime Minister Matteo Renzi on Monday voiced their opposition to "pure austerity" in Europe.

At a joint press conference in Vienna on Monday, Faymann warned the 300-billion-euro (373 billion U.S. dollars) investment plan European Commission President Jean-Claude Juncker is to present to the European Parliament on Wednesday must not be reduced.

The much-anticipated Juncker plan aimed at stimulating economic growth in the European Union is needed so that people can see "we are doing something for economic growth," he said.

The Austrian chancellor said he did not want to belong to a generation of politicians known for bailing out banks, but doing nothing against unemployment.

Renzi supported his Austrian counterpart, saying what is wanted is a Europe that fights stagnation that hinders growth.

He also backed the Juncker plan, saying it is currently a good time to talk the plan over.

The Juncker plan aims to revive growth mainly through investing in the fields of public work such as transport, energy and digital networks.