Table des matières

Franco Bassanini, Alberto Quadrio Curzio et Xavier Ragot

Preface

Floriana Cerniglia et Francesco Saraceno

Acknowledgements

Author Biographies

Floriana Cerniglia et Francesco Saraceno

Introduction

Part I. Outlook

Rocco Luigi Bubbico, Philipp-Bastian Brutscher et Debora Revoltella

1. Europe Needs More Public Investment

• 1.1. Recent Public Investment Trends in Europe
• 1.2. Infrastructure Has Declined Substantially
• 1.3. How to Support More Infrastructure Investment
• 1.4. Policy Implications

Mathieu Plane et Francesco Saraceno

2. Public Investment and Capital in France

• Introduction
• 2.1. The Net Wealth of Public Administrations
• 2.2. Evolution of Public Non-Financial Assets
• 2.2.1. The value of fixed assets remained constant
• 2.3. The Dynamics of Gross Investment
• 2.4. Net Flows of Fixed Assets Give Another (and Different) Picture
• 2.4.1. Since 2009, debt has not been used to finance an accumulation of assets
• 2.5. Assessing the Impact of an Investment Push in France
• 2.5.1. A quantification of investment needs for France
• 2.5.2. The macroeconomic impact of an investment shock
• 2.6 Conclusion

Sebastian Dullien, Ekaterina Jürgens et Sebastian Watzka

3. Public Investment in Germany

The Need for a Big Push

• Introduction
• 3.1. The German Public Capital Stock
• 3.2. Quantifying Investment Needs
• 3.3. Macroeconomic Implications of a Public Investment Program in Germany
• Conclusion

Floriana Cerniglia et Federica Rossi

4. Public Investment Trends across Levels of Government in Italy

• Introduction
• 4.1. Public Investment in Italy
• 4.1.1. Public investments across regions
• 4.2. 2018, 2019 and 2020 Budgets: The Financial Resources for Public Investments
• 4.3. Conclusions and Some Policy Prescriptions

José Villaverde et Adolfo Maza

5. Trends and Patterns in Public Investment in Spain

A Medium- and Long-Run Perspective

• Introduction
• 5.1. Trends and Patterns of Public Investment in Spain in the EU Context, 2000–2017
• 5.2. Public Investment and Public Capital in Spain: A Long-Term Perspective
• 5.3. Conclusions

Part II. Challenges

Daniela Palma, Alberto Silvani et Alessandra Maria Stilo

6. In Search of a Strategy for Public Investment in Research and Innovation

• Introduction and Main Points at Issue
• 6.1. The EU in Depth
• 6.2. Public Investment
• 6.3. Final Remarks and Policy Considerations

Anton Hemerijck, Mariana Mazzucato et Edoardo Reviglio

7. Social Investment and Infrastructure

• Introduction: The Welfare Lesson from the Great Recession
• 7.1. The Social Investment Life-Course Multiplier Effect
• 7.2. A Golden Social Investment Rule in the Stability and Growth Pact
• 7.3. A New Deal for Social Europe: Boosting Social Infrastructure
• 7.4. How to Invest in Social Infrastructure to Fill the Gap? The Creation of a European Fund for Social Infrastructure
• 7.5. Firms or Markets in Infrastructure Financing
• 7.6. The Role of State Investment Banks (SIBs) in Financing Social Infrastructure in the European Union
• 7.7. The Concept of “Public Value” and the Role of Social Action
• 7.8. How Social Investment and Social Infrastructure is Part of Public Value
• 7.9. The Need for Mission-Oriented State Investment Banks
• 7.10. Closing Remarks

Paolo Costa, Hercules Haralambides et Roberto Roson

8. From Trans-European (Ten-T) to Trans-Global (Twn-T) Transport Infrastructure Networks

A Conceptual Framework

• 8.1. The Trans-European Transport Network and its Evolution (1996–2013)
• 8.2. Demand for New Connectivity: Europe’s Economic, Social and Political Integration in a Global Context
• 8.2.1. The growing importance of the extra-EU markets
• 8.2.2. Asia’s central role in the global economy and trade
• 8.2.3. The potential of “MENA (Middle East and North Africa) shores” and the Mediterranean Sea basin
• 8.2.4. The shift of the European economy’s centre of gravity to the East
• 8.2.5. Consequences for the EU transport infrastructure policy
• 8.3. Dealing with the Disruption of the Worldwide Maritime Freight Transport Network and its Infrastructure
• 8.4. Dovetailing the EU Ten-T Infrastructure Policy with the Chinese Belt and Road Initiative (BRI)
• 8.5. Assessing the Systemic Impact of Transport Infrastructure: Some Novel Analytical Tools and Approaches
• 8.6. Some Concluding Remarks

D’Maris Coffman, Roberto Cardinale, Jing Meng et al.

9. Ecological Transition

• Introduction
• 9.1. The Importance of Carbon Accounting
• 9.2. The Emergence of “ESG” ratings
• 9.3. Mitigation: Decarbonization of Energy and Transport
• 9.3.1. Energy
• 9.3.2. Transport
• 9.4. Adaptation: Physical and Social Infrastructure
• 9.5. Remediation: Negative Emissions Technologies and Climate Engineering
• 9.6. Conclusions and Recommendations

Francesco Prota, Gianfranco Viesti et Mauro Bux

10. The Contribution of European Cohesion Policy to Public Investment

• Introduction
• 10.1. European Cohesion Policy: An Overview
• 10.2. The Geography of ERDF and CF Expenditures
• 10.3. The Impact of Cohesion Policy on Public Investment
• 10.4. Regional Convergence and Spillovers
• 10.5. Summary and Conclusions

List of Illustrations

List of Tables