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A European Public Investment Outlook

Floriana Cerniglia
Francesco Saraceno


Floriana Cerniglia et Francesco Saraceno

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1As this Report goes to press, we want to express our gratitude to those who made our work possible. First, and foremost, to our respective institutions. Franco Bassanini, President of Fondazione Astrid, Alberto Quadrio Curzio, President of CRANEC and Xavier Ragot, President of OFCE-Sciences Po. Their support and encouragement are the reasons why this Report exists. They helped us in defining the scope and the form of the Report, in contacting some of the authors, and of course in guaranteeing financial and logistical support. But they did much more than this: they have put the issue of public investment at the centre of the respective institutions’ scientific project, carrying the weight of our endeavour.

2We also thank all the chapter authors, who in general respected the deadlines despite exogenous shocks, interacted with us and with the referees, and exchanged on the different chapters at an informal workshop. The result is a collective volume that, despite the heterogeneity of backgrounds, has a consistent message throughout. Organizing the different chapters into a whole was a relatively easy task, and we are deeply grateful to the authors for this.

3We also thank Giovanni Barbieri from CRANEC for his efficient editing of the volume. Last, but not least, we thank Rupert Gatti and Alessandra Tosi, of Open Book Publishers, who smoothly managed the refereeing process of the Report, and adapted to the new constraints posed by the COVID crisis.


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 Economia Politica, Journal of Analytical and Institutional Economics. She received her PhD from the University of Warwick (UK) and her research interests are in Public Economics, mainly tax and spending assignment across government levels. She has published in leading international journals and she has coordinated and participated in a number of peer-reviewed research projects.

Deputy Department Director at OFCE, the Research Center in Economics of Sciences Po Paris. He holds PhDs in Economics from Columbia University and the Sapienza University of Rome. His research focuses on the relationship between inequality and macroeconomic performance and European macroeconomic policies. He has published in several international journals. In 2000–2002 he was 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 of European Affairs and in Rome (Luiss). He is Academic Director of the SciencesPo-Northwestern European Affairs Program. He is member of Confindustria`s Scientific Committee, and of the Scientific Board for the LUISS School of European Political Economy. He is active in the institutional dialogue, and in the public debate, on the EU. He advises the International Labour Organization (ILO) on macroeconomic policies for employment.


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