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urn:uuid:936e40ed-ea14-48ac-9766-6acae46ba1e3 03 15 9781805112037 00 EB E101 10 10 02 23996676 01 02 Open Reports Series 01 01 Financing Investment in Times of High Public Debt 2023 European Public Investment Outlook 1 A01 Floriana Cerniglia Floriana Cerniglia is a full professor of Economics at Università Cattolica del Sacro Cuore (Milan) and Director of CRANEC (Centro di ricerche in analisi economica e sviluppo economico internazionale). She is the Co-Editor-in-Chief of EconomiaPolitica, Journal of Analytical and Institutional Economics. She received her PhD from the University of Warwick (UK) and her research interests are in Public Economics and in macroeconomic policies. She has published in leading international journals and she has coordinated and participated in a number of peer-reviewed research projects. 2 B01 Francesco Saraceno Francesco Saraceno is Deputy Department Director at OFCE, the research centre in economics at Sciences Po in Paris. He holds PhDs in Economics from Columbia University and the Sapienza University of Rome. His research focuses on the relationship between inequality, macroeconomic performance, and European macroeconomic policies. From 2000 to 2002, he was a member of the Council of Economic Advisors for the Italian Prime Minister’s Office. He teaches international and European macroeconomics at Sciences Po, where he manages the Economics concentration of the Master’s in European Affairs, and at Luiss in Rome. He is Academic Director of the Sciences Po-Northwestern European Affairs Program. He advises the International Labour Organisation (ILO) on macroeconomic policies for employment and participates in IMF training programmes on fiscal policy. 3 B01 Andrew Watt Andrew Watt is Head of the Unit of European Economic Policy at the Macroeconomic Policy Institute (IMK), part of the Hans-Böckler Foundation. He holds a PhD from the University of Hamburg. His main research fields are European economic and employment policy and comparative political economy, with a particular interest in the interaction between wage-setting and macroeconomic policy. Recent work has focused on reform of the economic governance of the euro area, emphasising the need to coordinate monetary, fiscal, and wage policy in order to achieve balanced growth and favourable employment outcomes. He has served as advisor to numerous European and national institutions, including the European Commission, the European Economic and Social Committee, and Eurofound. 01 eng 00 248 03 10 BUS036000 23 Economics 23 Financing 04 HC240 12 KFFM 10 BUS032000 23 European economics 23 European Studies 12 K 12 1QFE 10 BUS051000 23 Investment 23 Politics and Sociology 23 Public debt 23 Infrastructure 23 Governance 01 06 03 00 The fourth book in the ‘European Public Investment Outlook’ series focuses on the urgent issue of how to finance needed investment in critical tangible and intangible infrastructure given high levels of public debt, a thorny problem facing many governments across Europe. Drawing on expertise from academics, researchers at public policy institutes and international governance bodies, the contributors analyse the current situation and prospects and propose feasible solutions.Financing Investment in Times of High Public Debt offers a powerful combination of high-level analysis of cross-continental policies and trends, with close examination of specific contexts in France, Italy, Germany and Spain. The chapters in Part II explore challenges including how to finance climate investments, the extent to which national promotional banks can offer solutions, EU budget reform and recent trends in tax progressivity.This book is essential reading for economists, policymakers, and anyone interested in implementing and financing public policy in Europe and wanting to better understand the intricacies of EU governance and institutions. 04 00 Acknowledgements Preface Introduction PART I. State of the Art 1. Europe 2. Financing Public Investment in France 3. Germany Lacks Political Will to Finance Needed Public-Investment Boost 4. Italy’s Public Investments. The NRRP and Beyond 5. Public Investment, Deficit and Public Debt in Spain, 1995–2022 PART II. Challenges 6. Escaping Fragmentation and Secular Stagnation. The EU Policy Mix and Investment Financing 7. From Crisis to Crisis, Can Europe Count on National Promotional Banks as Silver Bullets? 8. Making Green Public Investments a Reality in the EU Fiscal Framework and the EU Budget 9. Financing Climate Investment in the EU: the Role of Monetary and Financial Policies 10. In Search of Lost Time: An Ensemble of Policies to Restore Fiscal Progressivity and Address the Climate Challenge 11. European Public Goods 12. Options for a Permanent EU Sovereign Fund: Meeting the Climate-Investment Challenge and Promoting Macroeconomic Stability Contributor Biographies List of Figures List of Tables Open Book Publishers 01 Open Book Publishers 04 01 20231212 02 WORLD 06 15 9781805112006 06 15 9781805112013 06 15 9781805112020 06 15 9781805112051 06 15 9781805112044 06 15 9781805112037 WORLD 09 Open Book Publishers 20 02 5.99 GBP WORLD