The European Fund for Strategic Investments as a New Type of Budgetary Instrument

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Abstract:

This paper provides an overview of the European Fund for Strategic Investments (EFSI) as a budgetary instrument. A preliminary analysis of the quantitative impact of its first year and a half of activity is complemented by an outline of the corollary policies that can determine the success of EFSI. Taking into account the instrument’s original mission, the preliminary evidence is encouraging and suggests that it is on track to attain expected targets. For EFSI 2.0, the study recommends revising the regulation to provide a window-specific definition of additionality and strengthening parliamentary oversight.

In order for EFSI to contribute to the greater goal of cohesion and development, it further recommends the creation of a Development Window with a special guarantee for riskier regions and a push on EFSI corollary policies, including the establishment of country offices for the Advisory Hub and the development of a strategy for investment in human capital.

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