EIB France Stratégie Workshop. 11 March Summary Slides
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1 Fact Finding on Investment and the Investment Gap in France and in Europe EIB France Stratégie Workshop 11 March 2016 Summary Slides Those slides are a selective subset of the material presented by various participants at the workshop. Please reference them and the workshop duely if you wish to make use of them. Contact: Christoph Weiss (EIB), c.weiss@eib.org.
2 Weak investment, above and beyond cyclical factors, has been a primary reason for the slow economic recovery in the EU 10,0% 5,0% 0,0% -5,0% -10,0% -15,0% EU 28 growth rates in chain-linked volumes (2010) Sources: Eurostat. EU28_GDP EU28_GFCF Besides having a negative impact on current GDP, the low level of investment also negatively impacts on long-term growth potential productive investment in human and physical capital that is needed for future competitiveness, growth and employment in the EU On the supply side, structural reforms at member state and EU level are crucial to lift potential growth and stimulate investments But there is also a case for welldesigned public support on the demand side, that can catalyse substantial follow-on investment by the private sector
3 Business investment growth in advanced economies fell from 4.7% over to 0.5% over Bussière et al. (2015) argue that about 80% of the recent slump in investment is due to expected demand, while 20% to uncertainty financial conditions (user cost of capital) have a minor impact overall (except in euro area periphery) over-optimistic GDP growth forecasts have supported business investment since the great financial crisis Source: Banque de France. Data include 22 OECD countries.
4 Who invests in the EU28? By sector 26% Non-financial corporations Financial corporations 15% 2% 57% General government Households; non-profit institutions serving households Sources: Eurostat.
5 Who invests in France? GFCF in 2014 by sector in France (% of GDP in value) productive assets 25% 100% 20% 15% other general government households 90% 80% 70% 60% 50% 40% intellectual property rights machinery and equipment 10% 5% 0% non-financial enterprises 30% 20% 10% 0% Ensemble de l'économie Sociétés non financières dwellings Ménages non residential buildings Administrations publiques National economy Non-financial corporations Households General government Source: INSEE, national accounts, base 2010.
6 Decrease in GFCF was relatively mild in France during the crisis but recovery is slower, especially due to the decrease in households investment 110 GFCF in volume (=100 in 2007) 105 Germany France United States 90 United Kingdom 85 Euro area Source: OECD.
7 3 ways to tackle the investment gap Investment Plan for Europe Mobilise finance for investment European Fund for Strategic Investments Cooperation with National Promotional Banks Support investment in real economy European Investment Advisory Hub European Investment Project Portal Create an investment friendly environment Improving the regulatory environment Structural reforms Aim: to mobilise at least 315 billion in investment across the EU
8 Mobilising new investment...
9 with targeted products Continuously adapting to market needs
10 to make a difference Value added Addressing market failures or suboptimal investment situations Financing operations not possible to same extent otherwise Absorbing part of the risk to trigger additional investments Impact orientation Maximising growth Supporting employment Attracting other sources of finance
11 Key areas + opportunities for promoters/investors Targeting strategic public and private investment Infrastructure: including transport, energy and digital Innovation: education and training, health, research, development and innovation Renewable energy: expansion of renewable energy generation and support of energy and resource efficiency Environment: projects in the environmental, urban development and social fields SMEs and midcaps: financing support through local partner banks and institutions EU Member States, National Promotional Banks, Investment Platforms and private sector can participate in different ways : Projects Mobilisation of private sector capital (e.g. private investors, commercial banks, promoters) Co-financing / Risk-sharing with EIB/EIF Investment Platforms Pooling of projects with thematic or geographic focus Agreement or Fund Can benefit from EU guarantee via EIB Cooperation with EU National Promotional Banks Interest by institutional investors, third countries and Sovereign wealth funds Working group EC-EIB-China on investment cooperation
12 EFSI setup and governance EFSI EIB Group All EFSI operations are within the EIB Group (EIB&EIF) On the EIB s balance sheet (no separate entity) Subject to standard due diligence EIB & EIF governing bodies approve each operation Additional EFSI governance: Steering Board Investment Committee, headed-up by a Managing Director Operations already started in spring 2015
13 Timeline and investment period July 4 July 4 July 30 June Entry into force of EFSI Regulation Third anniversary of signing the EFSI Regulation 1st deadline for signature of EFSI operations Deadline for approval of EFSI Operations 2 nd deadline for signature of EFSI Operations Investment period to achieve EUR 315bn of total investments Extended investment period EFSI operations to target EUR 315bn of total investment by 2018 Actual investment period runs until 30 June 2020
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