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Copyright

Andrea Brasili; Tuna Dokmeci; Atanas Kolev; Debora Revoltella; Jochen Schanz; Annamaria Tueske; Wouter Van Der Wielen;

Published On

2024-12-11

Page Range

pp. 13–30

Language

  • English

Print Length

18 pages

1. Public Investment and Industrial Policy

A Case for More European Union Coordination

Europe needs more investment. Speeding up the climate transition and relaunching EU innovation capabilities require special efforts. Coupled with strategic autonomy and the need to secure stable and clean energy sources, these issues highlight the increasing importance of European public goods (EPGs) and policies that extend beyond national boundaries, as they involve externalities and network effects. However, Europe’s current institutional structure and mechanisms may struggle to meet this challenge. This essay examines public investment trends in the EU, arguing that while public investments have increased, greater coordination and coherence are needed. Three critical axes are identified: the provision of EPGs, policy coordination at national levels, and sufficient funding. Improving the coordination of public investment, particularly in research and development (R&D) and the climate transition, is key to unlocking Europe’s full potential. This chapter emphasizes the importance of initiatives like Important Projects of Common European Interest (IPCEIs) in fostering collaboration across countries and sectors, but argues for expanded and more integrated efforts moving forward.

Contributors

Andrea Brasili

(author)
Senior Economist at European Investment Bank

Andrea Brasili is a Senior Economist at the EIB (Luxembourg) where his research interests are both micro (firm level) data analysis and macroeconomic developments, in particular those related to fiscal policy. He received his PhD in Public Economics from the University of Pavia (Italy). Before joining the EIB, he worked in the private sector (in Italian banks and asset management companies) as a research economist, whilst still collaborating with academia.

Tuna Dökmeci

(author)
PhD candidate in Economics at European University Institute

Tuna Dökmeci is a PhD candidate in Economics at European University Institute (Italy), and a trainee at the EIB (Luxembourg). Her research focuses on industrial policy, industrial organization, and competition policy.

Atanas Kolev

(author)
Principal Advisor at the Economics Department at European Investment Bank

Atanas Kolev is Principal Advisor at the Economics Department of the EIB. He has worked on a wide range of topics related to investment and investment financing at the firm-, sector-, and economy-wide levels. He has been an organiser and contributor to the annual economics conference of the EIB on topics like economic and social cohesion, investment in the energy sector, adaptation to climate change, public investment, and infrastructure investment. Atanas Kolev is currently a coordinator, reviewer, and economics editor for the EIB Annual Investment Report. He holds an Economics PhD from Universitat Autònoma de Barcelona.

Debora Revoltella

(author)
Director of the Economics Department at European Investment Bank

Debora Revoltella has been Director of the Economics Department of the European Investment Bank since April 2011. The Department comprises thirty economists and provides economic analysis and studies to support the bank in defining its policies and strategies. Before joining the EIB, Debora worked for many years at CESEE, was head of the research department in COMIT, and later worked as Chief Economist for CESEE in UniCredit. Debora holds a PhD in Economics and has also worked as Adjunct Professor at Bocconi University. She is a member of the Steering Committees of the Vienna Initiative and CompNet, an alternate member of the Board of the Joint Vienna Institute, and a member of the boards of SUERF and the Euro 50 Group.

Jochen Schanz

(author)
Senior Economist at European Investment Bank

Jochen Schantz is Senior Economist at the European Investment Bank. After completing a PhD in game theory at the European University Institute, he worked at Lehman Brothers, the Bank of England, and the Bank for International Settlements on monetary and financial stability. At the European Investment Bank, he focuses on public investment and human capital.

Annamaria Tueske

(author)
Economist at the Economics Department at European Investment Bank

Annamaria Tueske is an Economist at the Economics Department of the EIB. Her current work focuses on public investment, climate and energy economics and sustainable finance. Prior to joining the EIB, Annamaria worked at the University of Luxembourg, at the OECD and at the Fiscal Council of Hungary. Her academic training focused on industrial organization, networks, and transport economics, she graduated from the Toulouse School of Economics.

Wouter Van Der Wielen

(author)
Economist in the Economics Department at European Investment Bank

Wouter Van Der Wielen is an Economist in the Economics Department of the European Investment Bank (EIB). He is responsible for impact studies of public and private sector policy support schemes and contributes macroeconomic analyses to the EIB’s f lagship publications, such as the EIB Investment Report. Prior to joining the EIB, he worked as an economic analyst at the European Commission’s Joint Research Centre, where he was principally responsible for the research developing macro-fiscal models accounting for output and employment effects of fiscal reforms. His main areas of expertise are macroeconomics, fiscal policy and labour economics. He holds a PhD in Economics as well as an MSc of Advanced Studies in Economics from KU Leuven.