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Establishing a European Investment Stabilisation Function

17-01-2019

The European Commission has proposed to establish a European Investment Stabilisation Function. The accompanying IA focusses on the expected positive effects of the proposal, rather than providing a balanced assessment of different policy options and all their relevant impacts. The mostly qualitative analysis is complemented by some quantifications that are, to the Commission’s own admission, based on uncertain assumptions. The caveats, methods and models of the IA could have been better explained ...

The European Commission has proposed to establish a European Investment Stabilisation Function. The accompanying IA focusses on the expected positive effects of the proposal, rather than providing a balanced assessment of different policy options and all their relevant impacts. The mostly qualitative analysis is complemented by some quantifications that are, to the Commission’s own admission, based on uncertain assumptions. The caveats, methods and models of the IA could have been better explained to increase its transparency. The selection of the preferred option seems to be based on political considerations.

European Investment Stabilisation Function (EISF)

10-01-2019

The idea behind the Commission's proposed European Investment Stabilisation Function is to use dedicated financial means from the EU budget to help Member States stabilise their economies in the event of a major asymmetric shock. The Commission would borrow on the financial markets and then lend to the country concerned, which would use the money to finance public investment. Once the crisis was over, the Member State would reimburse the debt. The Commission hopes the other Member States would agree ...

The idea behind the Commission's proposed European Investment Stabilisation Function is to use dedicated financial means from the EU budget to help Member States stabilise their economies in the event of a major asymmetric shock. The Commission would borrow on the financial markets and then lend to the country concerned, which would use the money to finance public investment. Once the crisis was over, the Member State would reimburse the debt. The Commission hopes the other Member States would agree to subsidise the interest payments incurred. The function would be limited to euro-area countries, but those that have entered the exchange rate mechanism II (ERM II) might also benefit. The lending would be quasi automatic once statistical data showed an exceptional and steep rise in unemployment. The dossier has met with considerable opposition at Council level.

The productivity riddle: Supporting long-term economic growth in the EU

03-12-2018

Productivity has a key role to play in the EU's long-term economic growth. The recent economic recovery has reversed the negative trend but concerns remain about long-term prospects. Productivity varies across the EU, with newer Member States reaching only about half the level of the older ones (EU-15) when measured in terms of gross domestic product (GDP) per hour worked, but showing a higher growth dynamic. The recent poor productivity growth in the EU raises a number of important policy questions ...

Productivity has a key role to play in the EU's long-term economic growth. The recent economic recovery has reversed the negative trend but concerns remain about long-term prospects. Productivity varies across the EU, with newer Member States reaching only about half the level of the older ones (EU-15) when measured in terms of gross domestic product (GDP) per hour worked, but showing a higher growth dynamic. The recent poor productivity growth in the EU raises a number of important policy questions. First, there is no consensus on the reasons behind it or the best ways to remedy it. There are also conflicting views regarding how long this situation will continue. Most economists believe the current weak growth trend may be explained by a combination of cyclical and structural economic weaknesses that need to be addressed by a mix of shorter and longer-term measures. Remedies for low productivity include increasing labour market participation, strengthening product market competition, encouraging demand, investment and lending to companies, as well as restructuring inefficient markets, disseminating technology and generalising digitalisation. In the EU context, particularly important factors conducive to productivity growth include creating a genuine single market for services, boosting digitalisation across economic sectors and addressing long-term challenges, such as the ageing society and rising income inequalities, as well as implementing long-awaited structural reforms in the Member States.

Investment in infrastructure in the EU: Gaps, challenges, and opportunities

03-10-2018

Public infrastructure consists of the basic physical assets and structures that support economic activity. Investment in such assets is markedly different from other types of capital expenditure, due to the heavy involvement of the public sector and the significant positive spill-over that it generates throughout the economy. Yet the same characteristics that underlie infrastructure investment can also result in its under-provision over time, due to factors such as fiscal constraints. In the European ...

Public infrastructure consists of the basic physical assets and structures that support economic activity. Investment in such assets is markedly different from other types of capital expenditure, due to the heavy involvement of the public sector and the significant positive spill-over that it generates throughout the economy. Yet the same characteristics that underlie infrastructure investment can also result in its under-provision over time, due to factors such as fiscal constraints. In the European Union (EU), following a period of sustained growth, investment in infrastructure has been declining since 2009. Despite the gradual easing of this negative trend from 2015, investment rates remain below pre-crisis levels. This has given rise to a lively debate over the emergence of an investment gap and its implications for the EU's economic recovery and competitiveness. This is because investment in infrastructure has the potential not only to boost aggregate demand in the short term, but also to bring important benefits over the longer term by broadening the productive capacity of the economy as a whole. Estimates for the EU indicate that plummeting investment is below the levels needed. European Investment Bank (EIB) estimates suggest that economic infrastructure investment needs for energy, transport, water and sanitation, and telecoms are as much as €688 billion per year. Additional estimates for social infrastructure suggest that the investment gap for health, education and social housing is at €142 billion per year. The mobilisation of resources required is therefore significant. In due recognition of the emerging needs, the current and previous multiannual financial frameworks put emphasis on the expansion of programmes and initiatives where infrastructure plays a prominent role, both directly, as the primary targeted sector, and indirectly through broader interventions covering a range of sectors.

Research for REGI Committee - Public Private Partnerships and Cohesion Policy

15-11-2017

The objective of this study is to describe the role of Public-Private Partnerships (PPPs) in Cohesion Policy. The study finds that the use of PPPs in Cohesion Policy has been limited and concentrated in a number of Member States and sectors, in spite of favourable regulatory changes. Evidence shows that PPPs are useful instruments to implement projects on time and on budget, but the assessment of outcomes over the long-term period is still limited and not conclusive.

The objective of this study is to describe the role of Public-Private Partnerships (PPPs) in Cohesion Policy. The study finds that the use of PPPs in Cohesion Policy has been limited and concentrated in a number of Member States and sectors, in spite of favourable regulatory changes. Evidence shows that PPPs are useful instruments to implement projects on time and on budget, but the assessment of outcomes over the long-term period is still limited and not conclusive.

Externí autor

CSIL: Gianni CARBONARO, Gelsomina CATALANO, Laura DELPONTE, Silvia VIGNETTI supported by (case studies) Filippo ADDARII and Fiorenza LIPPARINI (PlusValue), Dariusz ZWIERZYNSKI

Research for TRAN Committee - Transport in California

16-10-2017

This overview was prepared for the mission of the Committee on Transport and Tourism (TRAN) to Silicon Valley (30 October-3 November 2017).

This overview was prepared for the mission of the Committee on Transport and Tourism (TRAN) to Silicon Valley (30 October-3 November 2017).

Summary – Debt Sustainability and Economic Convergence of Euro-Area Member States: Challenges and Solutions

26-02-2015

This note prepared by Economic Governance Support Unit provides a summary of external briefing papers presented in view of the Economic Dialogue with Eurogroup President Jeroen Dijsselbloem of 24 February 2015. The main objective of these papers was to analyse and suggest the most a appropriate policy measures at the euro area and national levels so as to help bringing debt dynamics on a sustainable path and fostering economic convergence.

This note prepared by Economic Governance Support Unit provides a summary of external briefing papers presented in view of the Economic Dialogue with Eurogroup President Jeroen Dijsselbloem of 24 February 2015. The main objective of these papers was to analyse and suggest the most a appropriate policy measures at the euro area and national levels so as to help bringing debt dynamics on a sustainable path and fostering economic convergence.

Debt Sustainability and Economic Convergence of Euro-Area Member States: Challenges and Solutions (Clemens Fuest)

23-02-2015

Several member countries of the Eurozone are plagued by increasing government debt and weak economic growth, raising concerns about fiscal sustainability. This paper discusses policy options to improve fiscal sustainability, focusing on two proposals: more public investment and growth oriented tax reforms. In recent years, a significant part of fiscal adjustment has been achieved by cutting public investment, rather than consumption spending. This suggests that there is potential for viable investment ...

Several member countries of the Eurozone are plagued by increasing government debt and weak economic growth, raising concerns about fiscal sustainability. This paper discusses policy options to improve fiscal sustainability, focusing on two proposals: more public investment and growth oriented tax reforms. In recent years, a significant part of fiscal adjustment has been achieved by cutting public investment, rather than consumption spending. This suggests that there is potential for viable investment projects, but additional investment should be financed by a restructuring of public expenditure, not by additional public debt. Proposals to revise the Stability and Growth Pact towards extending the room for debt financing of investment or to interpret the existing rules more ‘flexibly’ would undermine the credibility of the pact and question the committment to fiscal sustainability. Tax policy can contribute to more growth by reducing taxes on corporate income and labour income, financed through higher taxes on consumption and higher recurrent taxes on immovable property. There are various options for temporary tax changes which would stimulate private consumption and investment spending in the short term.

Externí autor

Clemens Fuest

Fiscal and Macro-Structural Challenges and Policy Recommendations for the Euro Area and its Member States under the 2014 Semester Cycle - Summary

15-10-2014

On 4 September 2014, the Committee for Economic and Monetary Affairs (ECON) held an Economic Dialogue with the Eurogroup President. Three in-depth analyses were provided to Members in advance of this dialogue on Fiscal and macro-structural challenges and policy recommendations for the Euro Area and its Member States under the 2014 Semester Cycle. These papers were prepared by renowned experts, namely 1) P. Bofinger; 2) J.F. Kirkegaard and 3) D. Gross and C. Alcidi. This note summarises their main ...

On 4 September 2014, the Committee for Economic and Monetary Affairs (ECON) held an Economic Dialogue with the Eurogroup President. Three in-depth analyses were provided to Members in advance of this dialogue on Fiscal and macro-structural challenges and policy recommendations for the Euro Area and its Member States under the 2014 Semester Cycle. These papers were prepared by renowned experts, namely 1) P. Bofinger; 2) J.F. Kirkegaard and 3) D. Gross and C. Alcidi. This note summarises their main policy recommendation.

Fiscal and Macro-Structural Challenges and Policy Recommendations for the Euro Area and its Member States under the 2014 Semester Cycle

14-08-2014

This in-depth review presents the fiscal and macro-structural challenges and policy recommendations for the Euro Area and its Member States under the 2014 Semester Cycle.

This in-depth review presents the fiscal and macro-structural challenges and policy recommendations for the Euro Area and its Member States under the 2014 Semester Cycle.

Externí autor

Jacob Funk Kirkegaard

Chystané akce

28-01-2020
Western Balkans: A rocky road to enlargement
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29-01-2020
The Future of Artificial Intelligence for Europe
Seminář -
STOA

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