The policy space for a novel industrial policy in Europe

2020 ◽  
Vol 29 (3) ◽  
pp. 779-795 ◽  
Author(s):  
Mario Pianta ◽  
Matteo Lucchese ◽  
Leopoldo Nascia
Keyword(s):  
Industrial Policy ◽  
Innovation Policy ◽  
Sustainable Growth ◽  
Fiscal Rules ◽  
Potential Space ◽  
Policy Space ◽  
Investment Bank ◽  
Funding Programs ◽  
European Investment ◽  
The Eu

Abstract This article examines the main actions in the field of industrial, investment and innovation policy currently carried out at the European level, focusing on the changes in Europe’s manufacturing production since the 2008 crisis. Current actions by the EU in this field are assessed—including funding programs, fiscal rules, competition policy, the Juncker Plan-InvestEU initiative and the activities of European Investment Bank. The present and potential space for such initiatives is examined in the light of the growing debate on the need for a return to a greater role for public policies in favoring sustainable growth and support investment. In view of the debate on the new EU budget 2021–2017, the scope for a more active industrial policy is discussed.

scholarly journals Analysis of the Regional Efficiency of European Funds in Spain from the Perspective of Renewable Energy Production: The Regional Dimension

2021 ◽  
Vol 18 (9) ◽  
pp. 4553
Author(s):  
Paul Mugambi ◽  
Miguel Blanco ◽  
Daniel Ogachi ◽  
Marcos Ferasso ◽  
Lydia Bares
Keyword(s):  
Smart Growth ◽  
Renewable Energies ◽  
Growth Strategy ◽  
Sustainable Growth ◽  
Data Envelopment ◽  
The European Union ◽  
Investment Bank ◽  
Structural Funds ◽  
Spanish Regions ◽  
European Investment

During the 2010–2020 period, the European Union (EU) launched a growth strategy based on three fundamental pillars: smart growth, sustainable growth, and inclusive growth. Aiming to finance the projects related to these growth pillars, the EU used mainly the Rural Development Funds, the Structural Funds, those derived from the R&D Framework Program, the Trans-European Networks, and the European Investment Bank. This research aimed to determine whether the Spanish regions maintain homogeneous efficiency levels by using these resources to improve the levels of environmental quality related to renewable energies. A methodology that is frequently used by researchers in efficiency analyses was chosen, the Data Envelopment Analysis (DEA). The main findings revealed that the efficiency in the use of renewable energies is very uneven among the Spanish regions and these differences are maintained throughout the period analyzed. These results highlighted the need of changes regarding the proposed criteria for allocating European resources to finance the projects presented by each Spanish region.

scholarly journals An Overview of the Existing Schemes and Research Trends in Financing the Energy Upgrade of Buildings in Europe

2020 ◽  
Vol 27 (2) ◽  
pp. 53-62
Author(s):  
Christiana Panteli ◽  
Eglė Klumbytė ◽  
Rasa Apanavičienė ◽  
Paris A. Fokaides
Keyword(s):  
Built Environment ◽  
Large Scale ◽  
Energy Savings ◽  
Future Research ◽  
The European Union ◽  
Building Sector ◽  
Investment Bank ◽  
Research Activities ◽  
Funding Programs ◽  
European Investment

Financial supporting schemes for the energy upgrading of the building sector in Europe constitute one of the major policies of the European Union (EU). Since the beginning of the 2000s, dozens of funding programs and initiatives have been announced by the European Commission (EC). It is a fact that the majority of these policies have borne fruit, as the metrics on both energy savings in the building sector and the promotion of renewable energy in the built environment have turned the EU into a global pioneer. This paper attempts to give a brief overview of the main policy and financial tools for the energy upgrading of the built environment in Europe. Emphasis is placed on three major mechanisms, which concern different-scale projects: crowdfunding projects, public-private co-financing projects, and large-scale projects funded by financial institutions such as European Investment Bank (EIB). Reference is also made to recently implemented EU funded research programs in this field. This work aspires to constitute a reference study for future research activities in the field of financial supporting schemes for energy upgrading of buildings in Europe.

Wie die EU den Weg aus der „Pandemie-Krise“ findet: Lehren aus der Krisenpolitik nach 2008

IG ◽  
2021 ◽  
Vol 44 (4) ◽  
pp. 328-335
Author(s):  
Hartmut Marhold
Keyword(s):  
Debt Crisis ◽  
Financial Economic ◽  
Learning System ◽  
The European Union ◽  
Investment Bank ◽  
The Public ◽  
Active Player ◽  
European Investment ◽  
The Eu

The European Union (EU) invests huge resources in overcoming the pandemic crisis and does so as a learning system: The Union learned lessons from the previous, the financial, economic and state debt crisis after 2008, in many ways. The EU assumes now definitely the role of an active player in the economy, leaving behind the neoliberal doctrine; she suspends the restrictive budgetary policy, which prevented already in 2008 and the following years adequate solutions; she reshaped the control over its financial aid programmes so that harsh conflict between member states („troika“) are mitigated; the Union further refined the public private partnership mechanisms established unter the aegis of the European Investment Bank (EIB); the European Central Bank (ECB) assumes now a role still disputed after 2008; the flexibility clauses of the Lisbon Treaty, just put into force after 2008, are now extensively applied; and, more than anything else, the Union aims at a change of paradigm by putting the NextGenerationEU programme at the service of sustainable development (enshrined in the Green Deal).

scholarly journals Konsekwencje brexitu dla finansów Unii Europejskiej

Studia BAS ◽  
2021 ◽  
Vol 3 (67) ◽  
pp. 133-152
Author(s):  
Kamil Kotliński
Keyword(s):  
Point Of View ◽  
Additional Contribution ◽  
The European Union ◽  
Investment Bank ◽  
European Central ◽  
The Third ◽  
The Uk ◽  
European Investment ◽  
The Eu ◽  
Budget Revenue

The aim of the article is to identify the consequences of Brexit from the point of view of the EU finances. The first section focuses on the share of member states in the EU budget revenue. The author attempted to estimate the additional contribution of each member state. The second section briefly shows in which EU programmes the UK still takes part. The third section concentrates on the adjustment of the shares in the capital of the European Investment Bank and the European Central Bank to the reduced number of shareholders. The next part discusses the budgetary correction mechanisms as a historical remnant of the British rebate. In the last section the author describes the Brexit Adjustment Reserve, which supports regions and sectors most affected by the United Kingdom’s withdrawal from the European Union.

scholarly journals European Union’s Industrial Policy: a Next Version

2020 ◽  
Vol 99 (6) ◽  
pp. 153-162
Author(s):  
Vadim Tsirenshchikov ◽  
Keyword(s):  
Industrial Policy ◽  
Innovation Policy ◽  
Industrial Sector ◽  
The European Union ◽  
Regional Innovation ◽  
Modern Development ◽  
Innovation Economy ◽  
Almost All ◽  
Economic Nature ◽  
The Eu

The article is dedicated to the industrial policy of the European Union and its official interpretation. It outlines the existing approaches to the formation of the conceptual structure of this policy, the main stages of its evolution, priorities, tools and measures of implementation, the main target areas of financing. The existing conventionalism of the EU activities designated to regulate the industrial sector in the capacity of an industrial policy is shown, a clarification of the concept of this policy is proposed. Such regulation today goes far beyond the sectoral framework and, extending to almost all spheres of the economy, acquires a cross-cutting general economic nature. Particular attention is paid to the latest version of industrial policy, which convincingly indicates an increase in the innovative trend in the area of economic activity referred to as industrial policy. There is a radical expansion of the range of its innovative priorities to ensure the formation of a regional innovation economy for sustainable development. As a result, this policy serves as an organic component of innovation policy. At the same time, the rapid updating of the proclaimed versions of the EU industrial policy definitely shows that it has become a tool for the implementation of urgent adjustments to the economic course in accordance with the objective requirements of modern development.

scholarly journals 1. Europe Needs More Public Investment

2020 ◽  
pp. 17-32
Author(s):  
Rocco Luigi Bubbico ◽  
Philipp-Bastian Brutscher ◽  
Debora Revoltella
Keyword(s):  
Public Investment ◽  
Infrastructure Investment ◽  
Fiscal Consolidation ◽  
Investment Bank ◽  
Government Sector ◽  
Key Factor ◽  
Negative Effect ◽  
The Government ◽  
European Investment ◽  
The Eu

The first part sets the stage, providing trends on public investment in France, Germany, Italy and Spain. It is preceded by an initial chapter by Rocco Luigi Bubbico, Philipp-Bastian Brutscher and Debora Revoltella from the European Investment Bank (EIB) outlining the experience of Europe as a whole. The picture is as follows: between 2008 and 2016 public investment in the EU declined from 3.4% of GDP to 2.7%. Despite a slight rebound in 2017 and 2018, public investment still stands at only 2.9% of GDP, 15% below its pre-crisis levels. Fiscal consolidation pressure was at the core of such decline in public investment especially in countries that experienced a strong pressure to tighten their budgets. The negative effect of fiscal consolidation was in many cases amplified by a re-prioritization of public outlays away from investment towards current expenditures. Infrastructure investment was disproportionately affected by the decline in public investment. EIB estimates show that overall infrastructure investment declined by about 25% between 2008 and 2016, with the government sector accounting for the lion’s share of this fall. From a sectorial perspective, investment in transport and education infrastructure experienced the strongest decline. The chapter clearly documents that the fall in government infrastructure investment does not reflect a saturation effect, the annual infrastructure investment gap is estimated to be about €155 bn and that construction of new infrastructure seems to continue to produce large positive economic spillover effects. This chapter advises, as a policy lesson, sound project selection: preparation and implementation are the keys to reversing the negative trend in investment activities in the EU, besides overcoming funding constraints. Obviously, to ensure the efficient use of available funds, sound infrastructure governance is also a key factor.

Leveraging Policy Steer? Industrial Policy, Risk-Sharing, and the European Investment Bank

2021 ◽  
pp. 90-114
Author(s):  
Stephany Griffith-Jones ◽  
Natalya Naqvi
Keyword(s):  
Industrial Policy ◽  
Risk Sharing ◽  
Financial Risk ◽  
Investment Bank ◽  
European Investment Bank ◽  
Policy Risk ◽  
Private Investors ◽  
European Investment ◽  
Market Relations ◽  
Actual Policy

This chapter focuses on the European Investment Bank and the Juncker Plan in terms of its impact on industrial policy and state-market relations. Showing the growth of both the EIB and the EIF over the past two decades, the chapter highlights the increasing importance of engaging private investors in their financial operations. By proposing an analytical distinction between “economic” and “financial” risk, it argues that operating on risk-sharing arrangements has led the EIB—and the Juncker Plan—to effectively accumulate the latter at the expense of the former, which has resulted not only in a trade-off between actual policy steer as envisaged by the Commission and increased leverage as a developmental strategy, but also in political tensions within the field of development banking.

scholarly journals The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bank

2021 ◽  
Vol 9 (2) ◽  
pp. 185-195
Author(s):  
Helen Kavvadia
Keyword(s):  
Paradigm Shift ◽  
Investment Bank ◽  
The Past ◽  
Eu Governance ◽  
Policy Window ◽  
Quantum Leap ◽  
Lending Policy ◽  
International Climate ◽  
European Investment ◽  
The Eu

In November 2019, the European Investment Bank (EIB) announced its ‘metamorphosis’ into a ‘Climate Bank.’ Associated with the EU’s Green Deal, presented a month later, the EIB claimed to be the first international climate bank and a front runner in the EU’s priority climate agenda. The EIB is mandated through the treaties to support EU policymakers. However, with its ‘makeover,’ the EIB also announced the launch of a new climate strategy and energy lending policy, ending fossil fuel financing after 2021. It is thus valuable to examine the question of whether the EIB has developed into a policymaker, and if so, how this can be best understood. In exploring this question, this article follows a principal-agent approach, attempting to discern the rational interests behind organisational rhetoric and posits that the EIB’s claimed transformation hints at a type of policymaking activism, exploiting a policy window to serve the EIB’s rational interests in a strained political and market contest. This represents a paradigm shift in the EIB’s institutional behaviour and rhetoric within the EU governance constellation and is, in fact, in this sense a ‘quantum leap’ as suggested by the EIB. However, it remains to be seen if the bank’s metrics will prove a bold departure from their current activity or simply another adaptation to a policy field of intense interest to the EU, as has occurred on several occasions in the past.

3. The institutions of the European Union

2021 ◽  
pp. 42-78
Author(s):  
Margot Horspool ◽  
Matthew Humphreys ◽  
Michael Wells-Greco
Keyword(s):  
European Union ◽  
European Central Bank ◽  
European Council ◽  
The European Union ◽  
Investment Bank ◽  
European Investment Bank ◽  
European Central ◽  
European Investment ◽  
Committee Of The Regions ◽  
The Eu

This chapter discusses the role and composition of the institutions of the EU. These include the European Council, the Council, the Commission, the European Parliament, the Court of Justice of the European Union (CJEU) and the General Court, the Court of Auditors, the European Economic and Social Committee (EESC), the Committee of the Regions (COR), the European Investment Bank and the European Central Bank. This chapter also discusses the EU’s associated bodies or agencies as well as their respective roles and the ways in which they interrelate with the EU institutions.

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