EIB France Stratégie Workshop. 11 March Summary Slides

Size: px
Start display at page:

Download "EIB France Stratégie Workshop. 11 March 2016. Summary Slides"

Transcription

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

Investment Plan for Europe

Investment Plan for Europe The Investment Plan for Europe aims to drive investment in strategic projects across the EU. The Plan will unlock investment of at least EUR 315bn up to 2018. Tackling the investment gap The global economic

More information

Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank

Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank 24 March 2014 Outline EU and Croatia key challenges The Investment

More information

How To Support A Business In Europe

How To Support A Business In Europe Support for Research, Development and Innovation Introduction: «Financial instruments for SMEs and larger companies provided by the European Union and the European Investment Bank» Seminar on «Financial

More information

OUTCOME OF THE COUNCIL MEETING. 3375th Council meeting. Economic and Financial Affairs. Brussels, 10 March 2015. Minister for Finance of Latvia

OUTCOME OF THE COUNCIL MEETING. 3375th Council meeting. Economic and Financial Affairs. Brussels, 10 March 2015. Minister for Finance of Latvia Council of the European Union 7004/15 (OR. en) PROVISIONAL VERSION PRESSE 20 PR CO 12 OUTCOME OF THE COUNCIL MEETING 3375th Council meeting Economic and Financial Affairs Brussels, 10 March 2015 President

More information

Advisory Services MANUFACTURE 2015, Luxembourg

Advisory Services MANUFACTURE 2015, Luxembourg Leveraging R&D investments through smart funding approaches Innovative Financial Shiva Dustdar Instruments and Head of Innovation Finance Advisory Advisory Services MANUFACTURE 2015, Luxembourg Shiva Dustdar

More information

EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE

EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE Access to finance is key to business development. Investment and innovation are not possible without adequate financing. A difficulty in getting finance

More information

Joint SME Initiative. European Commission, July 2013

Joint SME Initiative. European Commission, July 2013 Joint SME Initiative European Commission, July 2013 1 Table of content 1. Background 2. Commission's proposal 3. Opinion of the HLG 4. Commission's priorities 2 1. Background EU / Commission long history

More information

E U R O P E A N F U N D F O R S T R A T E G I C I N V E S T M E N T S

E U R O P E A N F U N D F O R S T R A T E G I C I N V E S T M E N T S EUROPEAN INVESTMENT BANK SB/06/15 4 December 2015 Document 13-2015 FOR DECISION E U R O P E A N F U N D F O R S T R A T E G I C I N V E S T M E N T S S T E E R I N G B O A R D EIF- EFSI MULTIPLIER CALCULATION

More information

Recent policy approaches to SME finance

Recent policy approaches to SME finance Recent policy approaches to SME finance Dr. Helmut Kraemer-Eis Head of Research & Market Analysis European Investment Fund 07 July 2014 Rome The European Investment Fund (EIF) at a glance 1994 founded

More information

EU Social Investment Financial instruments in support of social entrepreneurship and impact investment

EU Social Investment Financial instruments in support of social entrepreneurship and impact investment EU Social Investment Financial instruments in support of social entrepreneurship and impact investment Serge PATOU, Policy Officer DG ECFIN, Financing for Innovation, Competitiveness and Employment European

More information

ACCESS TO FINANCE. of SMEs in the euro area, European Commission and European Central Bank (ECB), November 2013.

ACCESS TO FINANCE. of SMEs in the euro area, European Commission and European Central Bank (ECB), November 2013. ACCESS TO FINANCE Improving access to finance is essential to restoring growth and enhancing competitiveness. Investment and innovation are not possible without adequate financing. Difficulties in accessing

More information

Finland must take a leap towards new innovations

Finland must take a leap towards new innovations Finland must take a leap towards new innovations Innovation Policy Guidelines up to 2015 Summary Finland must take a leap towards new innovations Innovation Policy Guidelines up to 2015 Summary 3 Foreword

More information

EIB and the Energy Sector: Potential Synergies with the MED Programme to Support Energy Efficiency Investments

EIB and the Energy Sector: Potential Synergies with the MED Programme to Support Energy Efficiency Investments EIB and the Energy Sector: Potential Synergies with the MED Programme to Support Energy Efficiency Investments Marina Galindo Energy Efficiency and Small Energies Division Projects Directorate EUROPEAN

More information

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL EUROPEAN COMMISSION Strasbourg, 13.1.2015 COM(2015) 10 final 2015/0009 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the European Fund for Strategic Investments and amending

More information

European Investment Bank Group. Operational Plan 2015-2017

European Investment Bank Group. Operational Plan 2015-2017 European Investment Bank Group Operational Plan 2015-2017 T H E E I B G R O U P O P E R A T I O N A L P L A N 2015-2 0 1 7 Important notices: The Operational Plan 2015-2017 was discussed and approved

More information

EIB Financing tools for e-health and other ICT based innovation

EIB Financing tools for e-health and other ICT based innovation EIB Financing tools for e-health and other ICT based innovation Harald Gruber Conference on Accelerating Uptake of Innovation for active and healthy ageing across Europe Brussels, 9-10 December 2015 European

More information

I. World trade developments

I. World trade developments I. World trade developments World merchandise exports stagnated in value terms in 2012 while exports of commercial services increased by 2 per cent. Key developments in 2012: a snapshot Trade data List

More information

-> Difficulties with access to finance -> the inherent complexity the innovation process -> and administrative / regulatory burdens.

-> Difficulties with access to finance -> the inherent complexity the innovation process -> and administrative / regulatory burdens. 1 Entrepreneurship is about two things. It means, of course, fostering the creation of new start-ups. But entrepreneurship refers also to a mindset, that should be stimulated at each stage of a company

More information

Annual Economic Report 2015/16 German council of economic experts. Discussion. Lucrezia Reichlin, London Business School

Annual Economic Report 2015/16 German council of economic experts. Discussion. Lucrezia Reichlin, London Business School Annual Economic Report 2015/16 German council of economic experts Discussion Lucrezia Reichlin, London Business School Bruegel Brussels, December 4 th 2015 Four parts I. Euro area economic recovery and

More information

The European Fund for Strategic Investments (EFSI)

The European Fund for Strategic Investments (EFSI) The European Fund for Strategic Investments (EFSI) Europaforum Norra Sverige Monica Peña Sastre, Policy Adviser 09.10.2015 European Investment Bank Group 1 EIB: The EU Bank Natural financing partner for

More information

Public investment: recording in EDP statistics and treatment under the SGP

Public investment: recording in EDP statistics and treatment under the SGP Public investment: recording in EDP statistics and treatment under the SGP Lourdes Prado Ureña 1 1 Eurostat, Luxembourg, Luxembourg; Lourdes.prado-urena@ec.europa.eu Abstract This paper provides an overview

More information

Access to finance for. SMEs. István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs

Access to finance for. SMEs. István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs Access to finance for SMEs István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs Why EU intervention needed? EU financial instruments for SMEs Building on success

More information

COSME: il nuovo programma a supporto della competitività delle PMI

COSME: il nuovo programma a supporto della competitività delle PMI COSME: il nuovo programma a supporto della competitività delle PMI 14 January 2014 Joanna Drake Director, SMEs & Entrepreneurship Directorate General for Enterprise and Industry 1 COSME: Programme for

More information

Strengthening Investment, Advancing Europe

Strengthening Investment, Advancing Europe Strengthening Investment, Advancing Europe As the world s largest trading block, a prosperous Europe is essential for the health of the global economy. One of the key drivers of economic growth and job

More information

EU Finance for Innovators and Growth Companies in Poland. Warsaw, Thursday 6 November 2014

EU Finance for Innovators and Growth Companies in Poland. Warsaw, Thursday 6 November 2014 EU Finance for Innovators and Growth Companies in Poland Warsaw, Thursday 6 November 2014 Welcome addresses László Baranyay, Vice-President, EIB Krzysztof Pietraszkiewicz, President, Polish Bank Association,

More information

European Investment Fund Activity

European Investment Fund Activity European Investment Fund Activity Annual commitments 2006-2009 3540 3040 2540 2040 1540 1040 540 40 Equity Guarantees The EIF is Europe s leading developer of risk financing for entrepreneurship and innovation.

More information

SMALL AND MEDIUM-SIZED ENTERPRISES' ACCESS TO FINANCE

SMALL AND MEDIUM-SIZED ENTERPRISES' ACCESS TO FINANCE EUROPEAN SEMESTER THEMATIC FICHE SMALL AND MEDIUM-SIZED ENTERPRISES' ACCESS TO FINANCE Thematic fiches are supporting background documents prepared by the services of the Commission in the context of the

More information

Industrial policy indicators and analysis

Industrial policy indicators and analysis Monthly note Industrial policy indicators and analysis December 2013 SPECIAL FEATURE: The construction sector Manufacturing production recovers in November In October 2012, the EU adopted a new Industrial

More information

EU Regional Blending Facilities and Private Sector Investments

EU Regional Blending Facilities and Private Sector Investments EU Regional Blending Facilities and Private Sector Investments Innovative Development Finance Workshop Margareta McConnell 8 May 2015 EU Regional Blending Facilities 2 Potential Sources of Private Finance

More information

EU Finance for Innovators in the Nordics. Oslo, Thursday 11 December 2014

EU Finance for Innovators in the Nordics. Oslo, Thursday 11 December 2014 EU Finance for Innovators in the Nordics Oslo, Thursday 11 December 2014 Welcome addresses Dilek Ayhan State Secretary, Norwegian Ministry of Trade, Industry and Fisheries Helen Campbell EU Ambassador

More information

Attribution 4.0 International (CC BY 4.0) This presentation is licensed under a Creative Commons Attribution 4.0 International license.

Attribution 4.0 International (CC BY 4.0) This presentation is licensed under a Creative Commons Attribution 4.0 International license. Attribution 4.0 International (CC BY 4.0) This presentation is licensed under a Creative Commons Attribution 4.0 International license. Therefor you are free to share and adapt this presentation even for

More information

I benefici socio-economici della banda ultra-larga e il Piano Juncker

I benefici socio-economici della banda ultra-larga e il Piano Juncker I benefici socio-economici della banda ultra-larga e il Piano Juncker Bari, 18 settembre 2015 Filippo Munisteri Economic Analyst DG CONNECT Filippo.munisteri@ec.europa.eu Una politica europea di banda

More information

COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS

COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS EUROPEAN COMMISSION Brussels, 15.7.2015 COM(2015) 400 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE

More information

Dr Werner Hoyer President of the European Investment Bank. Opening Remarks. (~15 min) Circular Economy Conference. 10 December 2015, Luxembourg

Dr Werner Hoyer President of the European Investment Bank. Opening Remarks. (~15 min) Circular Economy Conference. 10 December 2015, Luxembourg Dr Werner Hoyer President of the European Investment Bank Opening Remarks (~15 min) Circular Economy Conference 10 December 2015, Luxembourg European Investment Bank 1 Prime Minister, Commissioner [Karmenu]

More information

The Role of the European Investment Bank: Funded Case Studies

The Role of the European Investment Bank: Funded Case Studies The Role of the European Investment Bank: Funded Case Studies Harald Gruber European Investment Bank Contribution to Workshop Building the European Digital Infrastructure Brussels, 20 June 2012 EIB Broadband

More information

How To Help The Euro Zone Grow

How To Help The Euro Zone Grow Brisbane Action Plan November 2014 A Blueprint for Growth The Brisbane Action Plan outlines the individual and collective actions that we are taking in pursuit of strong, sustainable and balanced growth,

More information

ENDING THE GREEK CRISIS Debt Management and Investment- led Growth

ENDING THE GREEK CRISIS Debt Management and Investment- led Growth NON- PAPER ENDING THE GREEK CRISIS Debt Management and Investment- led Growth SUMMARY The Greek government has recently presented the institutions with its comprehensive reform proposals for completing

More information

Brussels, 26.11.2014 COM(2014) 903 final

Brussels, 26.11.2014 COM(2014) 903 final EUROPEAN COMMISSION Brussels, 26.11.2014 COM(2014) 903 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN CENTRAL BANK, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE,

More information

Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility)

Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility) Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility) M. D hooge Financial instruments for Innovations, Research and Development 30 November 2009, Prague

More information

Financial Instruments for RDI and Growth 2014-2020 (specific focus on COSME and Horizon 2020)

Financial Instruments for RDI and Growth 2014-2020 (specific focus on COSME and Horizon 2020) Financial Instruments for RDI and Growth 2014-2020 (specific focus on COSME and Horizon 2020) Jean-David MALO European Commission - DG Research and Innovation Head of Unit RTD C-03 Financial Engineering

More information

Next Steps for the European Electricity Market Infrastructure and Market Design

Next Steps for the European Electricity Market Infrastructure and Market Design Next Steps for the European Electricity Market Infrastructure and Market Design John Sinner European Investment Bank 05/05/2015 Outline of the Presentation The Internal Energy Market and EU Policy Energy

More information

InnovFin SME Guarantee & COSME Loan Guarantee. Workshop Warsaw, 6 November 2014

InnovFin SME Guarantee & COSME Loan Guarantee. Workshop Warsaw, 6 November 2014 InnovFin SME Guarantee & COSME Loan Guarantee Workshop Warsaw, 6 November 2014 EIF at a Glance EU specialised institution for SMEs risk financing Debt - Structuring and Guaranteeing portfolios of SME loans/leases

More information

Supporting small and medium-sized enterprises in 2012. A joint report of the European Commission. and the European Investment Bank Group

Supporting small and medium-sized enterprises in 2012. A joint report of the European Commission. and the European Investment Bank Group Supporting small and medium-sized enterprises in 2012 A joint report of the European Commission and the European Investment Bank Group Date: 02/05/2013 Foreword The European Commission and the European

More information

MONITORING COMMITTEE Operational Programme I. JEREMIE Criteria

MONITORING COMMITTEE Operational Programme I. JEREMIE Criteria MONITORING COMMITTEE Operational Programme I Investing in Competitiveness for a Better Quality of Life JEREMIE Criteria 20 th May 2010 Background JEREMIE is a joint initiative between, the EC, EIB and

More information

Reply to the European Commission on the Green Paper on Long-Term Financing of the European Economy

Reply to the European Commission on the Green Paper on Long-Term Financing of the European Economy Milan, 25 June 2013 European Commission B- 1049 Brussel EU Identification Number 89046007765-76 Prot. N. 273 /2013 markt-consultation-long-term-financing@ec.europa.eu Reply to the European Commission on

More information

Foreign Trade and Investment

Foreign Trade and Investment Public Financial Support to Foreign Trade and Investment CURRENT ECONOMIC FRAMEWORK Economic forecasts: By 2015, 90% of world economic growth is expected to be generated outside the European Union. European

More information

European and National Financing for Innovative and Growth Companies in the Netherlands. The Hague, 8 th October 2014

European and National Financing for Innovative and Growth Companies in the Netherlands. The Hague, 8 th October 2014 European and National Financing for Innovative and Growth Companies in the Netherlands The Hague, 8 th October 2014 Welcome address and introductory remarks Pim van Ballekom Vice-President, European Investment

More information

Alternative Finance for SMEs and Mid-Market Companies Brussels Presentation

Alternative Finance for SMEs and Mid-Market Companies Brussels Presentation Alternative Finance for SMEs and Mid-Market Companies Brussels Presentation 27th November, 2013 Agenda Introduction Backdrop: bank lending to companies in Germany, France, UK, Italy and Spain Policymakers

More information

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2015 and 2016. Winter 2014/15

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2015 and 2016. Winter 2014/15 EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2015 and 2016 Winter 2014/15 1 About the European ing Network The European ing Network (EFN) is a research group of European institutions, founded in 2001

More information

The mirage of current account adjustment in the Euro-periphery

The mirage of current account adjustment in the Euro-periphery ECONOMIC POLICY NOTE 21/5/215 The mirage of current account adjustment in the Euro-periphery AGNIESZKA GEHRINGER Ongoing international financial integration and the introduction of the euro significantly

More information

Innovation and PPP financing: The European Investment Fund

Innovation and PPP financing: The European Investment Fund Innovation and PPP financing: The European Investment Fund Dr. Helmut Kraemer-Eis Head of Research & Market Analysis European Investment Fund UNECE - 12 February 2014 Geneva What is the EIF? As part of

More information

CBA mortgage book secure

CBA mortgage book secure Determined to be better than we ve ever been. Australian residential housing and mortgages CBA mortgage book secure 9 September 2010 Commonwealth Bank of Australia ACN 123 123 124 Overview Concerns of

More information

HORIZON 2020 for SMEs An Overview

HORIZON 2020 for SMEs An Overview HORIZON 2020 for SMEs An Overview Jean-David Malo Head of Unit "SMEs, Financial Instruments and State Aid" DG Research and @ 19 June, Paris, France SME: Key Statistics SMEs - driving force of economic

More information

The European Investment and Recovery Act - An ALDE contribution to revive growth in the EU

The European Investment and Recovery Act - An ALDE contribution to revive growth in the EU 19/11/2014 The European Investment and Recovery Act - An ALDE contribution to revive growth in the EU The response by Member States and the European Commission to the banking, sovereign debt and economic

More information

Insurance corporations and pension funds in OECD countries

Insurance corporations and pension funds in OECD countries Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance

More information

I. GROWTH, COMPETITIVENESS AND JOBS A. THE EUROPEAN SEMESTER

I. GROWTH, COMPETITIVENESS AND JOBS A. THE EUROPEAN SEMESTER 17.3 The European economy is recovering, after several years of limited or even negative growth. The recovery is expected to strengthen this year. The European Council had an exchange of views on the economic

More information

Info day in Budapest

Info day in Budapest European Union European Regional Development Fund From INTERREG IVC to Interreg Europe Info day in Budapest Akos Szabo Project Officer Interreg Europe Secretariat 28 April 2015 Bridge to INTERREG EUROPE

More information

The Future Economy organized by the

The Future Economy organized by the The Future Economy organized by the New Club of Paris and Austria Wirtschafts Service/aws 29th February, 2012 Dr. Emanuel Maravic Director European Investment Bank Ms. Marika Levena Analyst European Investment

More information

The authors 1 2-7 8-13 14-19 20-25 26-31. eduard van gelderen Chief Investment Officer, APG

The authors 1 2-7 8-13 14-19 20-25 26-31. eduard van gelderen Chief Investment Officer, APG Pension 01 This is the moment for dialogue 02 An Investment Plan for Europe 08 We need to talk 14 Building better portfolios 20 The return of the banks to project finance 26 Promoting private investment

More information

Supporting Innovation in Portugal. Lisbon, 27 February 2015

Supporting Innovation in Portugal. Lisbon, 27 February 2015 Supporting Innovation in Portugal Lisbon, 27 February 2015 Welcome addresses: Birthe Bruhn-Léon Director for Lending in Iberia, EIB José Carlos Caldeira President, National Agency of Innovation (ANI) João

More information

COSME Financial Instruments for SMEs

COSME Financial Instruments for SMEs COSME Financial Instruments for SMEs Stockholm, 4 February 2015 Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW) Unit F3: SME Access to Finance Astrid Bartels (Policy

More information

Facilitating quality investment EIB Advisory Services

Facilitating quality investment EIB Advisory Services Facilitating quality investment EIB Advisory Services Committee of the Regions 15th April 2015 Simon Barnes 16/04/2015 European Investment Bank Group 1 How advisory support can help Assist to build local

More information

UPDATE ON CURRENT MACRO ENVIRONMENT

UPDATE ON CURRENT MACRO ENVIRONMENT 1 Oct 213 Macro & Strategy Equity Credit Commodities 13 13 #1 Global Strategy #1 Multi Asset Research #3 Global Economics #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 1

More information

Supporting Innovation in Spain. Bilbao, 6 November 2015

Supporting Innovation in Spain. Bilbao, 6 November 2015 Supporting Innovation in Spain Bilbao, 6 November 2015 Welcome address: Iñigo Urkullu Renteria Lehendakari, Basque Government Overview of the EIB Group and RDI financing options Birthe Bruhn-Léon Director

More information

COSME 2014-2020. Vilmos Budavari European Commission DG Enterprise and Industry, Unit D.3 Financing SMEs

COSME 2014-2020. Vilmos Budavari European Commission DG Enterprise and Industry, Unit D.3 Financing SMEs COSME 2014-2020 SEMINARIO FINANCIACIÓN INTELIGENTE PARA PYMES: INSTRUMENTOS NACIONALES Y FONDOS EUROPEOS EN EL NUEVO MARCO 2014-2020 Gran Canaria, 24 de Marzo 2014 Vilmos Budavari European Commission DG

More information

HOUSING FINANCE IN TRANSITION ECONOMIES

HOUSING FINANCE IN TRANSITION ECONOMIES HOUSING FINANCE IN TRANSITION ECONOMIES OECD Workshop Warsaw, Poland December 5-6, 5 2002 Loïc Chiquier The World Bank 1 Challenge in Transition Economies! Key for growth, poverty, wealth (75 wealth),

More information

The French Public Debt Worries and. Solutions

The French Public Debt Worries and. Solutions The French Public Debt Worries and Solutions Vesselina Spassova Pierre Garello Abstract: In the context of debt crisis in the European Union, the French public debt finally attracts the attention of the

More information

European perspective

European perspective Fiscal policy challenges from a European perspective Ludger Schuknecht Director General Economic and Fiscal Policy Strategy; International Economy and Finance Federal Ministry of Finance, Germany Banco

More information

Promoting Economic and Social Cohesion in Europe

Promoting Economic and Social Cohesion in Europe Promoting Economic and Social Cohesion in Europe The EIB helps to deliver growth, jobs and cohesion in Europe by supporting the implementation of EU regional policy. Through a mixture of loans and advisory

More information

Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry

Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry Improving Industry Health to Bolster Global Merger Activity in 2014 NC3B-F1 January 2013 Contents Section Slide Number

More information

Contents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11

Contents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11 The Deloitte CFO Survey 2014 Q4 Results 2 Contents Key points from the 2014 Q4 Survey 4 General economic environment 5 Market conditions and the economy 6 Cash flow and risk 9 M&A 11 A note on methodology

More information

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics

More information

NERI Quarterly Economic Facts Summer 2012. 4 Distribution of Income and Wealth

NERI Quarterly Economic Facts Summer 2012. 4 Distribution of Income and Wealth 4 Distribution of Income and Wealth 53 54 Indicator 4.1 Income per capita in the EU Indicator defined National income (GDP) in per capita (per head of population) terms expressed in Euro and adjusted for

More information

Mail: fisma-cmu-survey@ec.europa.eu

Mail: fisma-cmu-survey@ec.europa.eu Mail: fisma-cmu-survey@ec.europa.eu R e f e r e n c e n u m b e r 15/10.711/PK/HdB S u b j e c t Response to the Green Paper on the European Capital Markets Union T h e H a g u e May 13, 2015 T e l e p

More information

Keynote Speech, EIB/IMF Meeting, 23 October, Brussels

Keynote Speech, EIB/IMF Meeting, 23 October, Brussels Keynote Speech, EIB/IMF Meeting, 23 October, Brussels Governor Carlos Costa Six years since the onset of the financial crisis in 2008, output levels in the EU are below those observed before the crisis.

More information

EIB s Debt Financial Instruments under the Connecting Europe Facility

EIB s Debt Financial Instruments under the Connecting Europe Facility EIB s Debt Financial Instruments under the Connecting Europe Facility 2015 CEF Energy Info Day Brussels, 16 th March 2015 C Murphy & A Zambrano European Investment Bank 1 A short outline CEF Overview of

More information

British Business Bank

British Business Bank British Business Bank Peter Wilson CEO British Business Bank Investments ABFA Annual Conference 3 June 2015 Contents Overview of the British Business Bank Rationale Business Model Aims Programmes Impact

More information

Portugal: restoring credibility and confidence

Portugal: restoring credibility and confidence MINISTÉRIO DAS FINANÇAS Portugal: restoring credibility and confidence London School of Economics and Political Science Vitor Gaspar February 1, 2012 MINISTÉRIO DAS FINANÇAS 1 Outline 1. On the way to

More information

Inaugural conference #Invest4Future "THE JUNCKER PLAN" Keynote Speech

Inaugural conference #Invest4Future THE JUNCKER PLAN Keynote Speech Inaugural conference #Invest4Future "THE JUNCKER PLAN" BRUSSELS EUROPEAN PARLIAMENT MONDAY 13 APRIL 2015 Keynote Speech by Franco Bassanini President of Cassa depositi e prestiti (CDP) President Astrid

More information

Financial Repression: A Driving Force for Mergers and Acquisitions?

Financial Repression: A Driving Force for Mergers and Acquisitions? Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past

More information

Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes)

Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes) NUMBER 16 FEBRUARY 216 Economic activity and employment Foreign trade and competitiveness Inflation Credit The Public Finances Macroeconomic projections 1 7 8 11 12 Directorate general for economics, statistics

More information

HOW TO FACE THE GROWING DEMAND FOR LONG TERM CARE?

HOW TO FACE THE GROWING DEMAND FOR LONG TERM CARE? HOW TO FACE THE GROWING DEMAND FOR LONG TERM CARE? Francesca Colombo, OECD International Conference: EUROPE JAPAN NORTH AMERICA 18 September 2013 SIGNIFICANT PRESSURES ON HEALTH AND LTC SYSTEMS Health

More information

Spain Economic Outlook. Rafael Doménech EUI-nomics 2015 Debating the Economic Conditions in the Euro Area and Beyond Firenze, 24th of April, 2015

Spain Economic Outlook. Rafael Doménech EUI-nomics 2015 Debating the Economic Conditions in the Euro Area and Beyond Firenze, 24th of April, 2015 Spain Economic Outlook Rafael Doménech EUI-nomics 2015 Debating the Economic Conditions in the Euro Area and Beyond Firenze, 24th of April, 2015 The outlook one year ago: the risks were to the upside for

More information

Lecture 4: The Aftermath of the Crisis

Lecture 4: The Aftermath of the Crisis Lecture 4: The Aftermath of the Crisis 2 The Fed s Efforts to Restore Financial Stability A financial panic in fall 2008 threatened the stability of the global financial system. In its lender-of-last-resort

More information

What Are Vendors Looking for in NPP Finance?

What Are Vendors Looking for in NPP Finance? NEA Workshop 19 September 2013 The Role of Electricity Price Stability and Long Term Financing for Nuclear New Build What Are Vendors Looking for in NPP Finance? Jean-Hugues Perréard, Vice President Project

More information

Richard Pelly is Chief Executive and Helmut Krämer-Eis is Head of Research & Market Analysis of the European Investment Fund. This article is based

Richard Pelly is Chief Executive and Helmut Krämer-Eis is Head of Research & Market Analysis of the European Investment Fund. This article is based * * Richard Pelly is Chief Executive and Helmut Krämer-Eis is Head of Research & Market Analysis of the European Investment Fund. This article is based on a keynote speech delivered by Richard Pelly at

More information

The EMU and the debt crisis

The EMU and the debt crisis The EMU and the debt crisis MONETARY POLICY REPORT FEBRUARY 212 43 The debt crisis in Europe is not only of concern to the individual debt-ridden countries; it has also developed into a crisis for the

More information

Recommendations of the Board of Trade of Metropolitan Montreal to the Government of Canada for the 2016 federal budget

Recommendations of the Board of Trade of Metropolitan Montreal to the Government of Canada for the 2016 federal budget Recommendations of the Board of Trade of Metropolitan Montreal to the Government of Canada for the 2016 federal budget July 2015 1 Preamble The Board of Trade of Metropolitan Montreal (the Board of Trade)

More information

EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA

EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 22 May 2009, Eurosystem staff have prepared projections for macroeconomic developments in the

More information

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2015 and 2016

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2015 and 2016 EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2015 and 2016 Spring 2015 1 About the European ing Network The European ing Network (EFN) is a research group of European institutions, founded in 2001

More information

Greek banks and corporate funding costs

Greek banks and corporate funding costs NATIONAL BANK OF GREECE Greek banks and corporate funding costs January 214 Paul Mylonas CRO & Chief Economist National Bank of Greece NBG: ECONOMIC ANALYSIS DEPARTMENT Economic Analysis Department Roadmap

More information

Quarterly Economic Commentary

Quarterly Economic Commentary Quarterly Economic Commentary David Duffy Kieran McQuinn Ciara Morley Daniel Foley Winter 2015 The forecasts in this Commentary are based on data available by 11 December 2015. Draft completed 11 December

More information

European Union SME policies. Ulla Hudina

European Union SME policies. Ulla Hudina European Union SME policies Ulla Hudina EU Finance Day for SMEs, Athens, 20th January 2009 Supporting SMEs SMEs backbone of EU economy: important players in all value chains; 23 million SMEs (99 % of all

More information

How liquidity impacts growth

How liquidity impacts growth How liquidity impacts growth Moderator Rick Watson, Managing Director, Head of Capital Markets, AFME Panellists Nick Burge, Managing Director, Head of Strategic Liquidity, Lloyds Bank Matthew Cairns, Senior

More information

CECODHAS HOUSING EUROPE

CECODHAS HOUSING EUROPE CECODHAS HOUSING EUROPE Contribution to the XIX Informal Meeting of EU Housing Ministers 9 th and 10 th December 2013 - Brussels The sustainable financing of housing policies in times of crisis EXECUTIVE

More information

SME Investment and Innovation. France, Germany, Italy and Spain

SME Investment and Innovation. France, Germany, Italy and Spain 2015 SME Investment and Innovation France, Germany, Italy and Spain Imprint Published by Bpifrance (BPI) 27-31, avenue du Général Leclerc 94710 Maisons-Alfort Cedex, France www.bpifrance.fr Cassa depositi

More information

Third Annual Meeting. Task Force of Middle East and North African Stock Exchanges for Corporate Governance. Meeting Agenda

Third Annual Meeting. Task Force of Middle East and North African Stock Exchanges for Corporate Governance. Meeting Agenda Third Annual Meeting Task Force of Middle East and North African Stock Exchanges for Corporate Governance Meeting Agenda 2 December 2013 Sultanate of Oman Hosted by the Muscat Securities Market and the

More information

The European IPO Task Force

The European IPO Task Force The European IPO Task Force 10 th April 2014 Presentation by Burcak Inel, Deputy Director General Michael Collins, Public Affair Director at EVCA Project led by: Why are we initiating this project? IPOs

More information

France: KEY INFO IN POINTS

France: KEY INFO IN POINTS France: SEPARATING FACT FROM FICTION 10 KEY INFO IN POINTS 1 FRANCE IS ON THE DECLINE France is the sixth largest economy in the world by GDP, and the third largest in Europe, with more than 66 million

More information