|Author (Person)||Mertens, Daniel, Thiemann, Matthias|
|Publisher||Taylor & Francis|
|Series Title||Journal of European Public Policy|
|Series Details||Volume 26, Number 1, Pages 23-43|
|Publication Date||January 2019|
|Content Type||Journal Article|
The European Commission’s Investment Plan for Europe and the enduring economic crisis has brought state-owned development banks again to the fore of public and scholarly debate in Europe. This article proposes to place these banks’ activities and recent institutional co-operation in the context of European integration and assumes a historical perspective on European economic governance and development banking. Most importantly, it argues that the European Investment Bank has become a centre of gravity in long-standing political attempts to increase the investment firepower of the European Union.
Based on detailed process-tracing analysis through publicly available data and interview material, the article delineates a gradual process of institutional innovation and network formation that advanced since the late 1980s and culminated in recent post-crisis policy processes. The contemporary visibility of development banking in Europe, we conclude, follows from these and is representative of a nucleus for a – somewhat hidden – European investment state, whose reach and stability, however, is yet to be determined.
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||Economic Governance | Situation, Financial Services, Investment Plan for Europe | Juncker Plan|
|Keywords||Banks | Banking
|International Organisations||European Investment Bank [EIB], European Union [EU]|