Improving the Take-Up and Effectiveness of Financial Instruments : Final Report
Wishlade, Fiona and Michie, Rona and Robertson, Patricia and Vernon, Philip (2017) Improving the Take-Up and Effectiveness of Financial Instruments : Final Report. Publications Office of the European Union, Luxembourg. (https://doi.org/10.2776/981010)
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Abstract
In the wake of the financial crisis, public and private investment has stagnated due to loss of confidence and austerity policies. The supply side for investment is complex, with the boundaries between public and private often blurred. The overall landscape varies widely between countries, but is characterised by the growing importance of national promotional banks (NPBs) in economic development. Carefully calibrated financial instruments, often provided through NPBs, can provide sustainable support for revenue-generating / saving projects in areas like SME support, R&D&I and energy efficiency where market imperfections result in suboptimal levels of investment. The uptake of ESI Fund co-financed FIs has increased in 2014-20, but remains focused on loan-based SME support. The regulatory framework for ESIF co-financed FIs has improved, especially through mandatory ex ante assessments, but the implementation of FIs remains challenging for Managing Authorities, suggesting that more timely guidance, more stable rules, and perhaps more ‘off-the-shelf’ instruments would be beneficial. However, the plethora of initiatives at domestic and European levels can make the FI ‘scene’ difficult to decipher and quantify. Related, there is evidence of policy competition, pointing to the need to rationalise modes of intervention and tailor FIs to the relevant institutional and economic context.
ORCID iDs
Wishlade, Fiona ORCID: https://orcid.org/0000-0002-2367-0424, Michie, Rona ORCID: https://orcid.org/0000-0002-3886-589X, Robertson, Patricia and Vernon, Philip ORCID: https://orcid.org/0000-0003-3940-8794;-
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Item type: Report ID code: 62208 Dates: DateEvent31 May 2017PublishedSubjects: Social Sciences > Finance Department: Faculty of Humanities and Social Sciences (HaSS) > Government and Public Policy > European Policies Research Centre Depositing user: Pure Administrator Date deposited: 01 Nov 2017 12:10 Last modified: 28 Nov 2024 01:34 URI: https://strathprints.strath.ac.uk/id/eprint/62208