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                                                                        Restoring EU competitiveness

                                                                        • Publication information

                                                                          19 Jan 2016

                                                                        • Related tags

                                                                          • Economics

                                                                        Part of the series :

                                                                        • Thematic studies
                                                                        • Thematic studies
                                                                        PDF (EN)

                                                                        Description

                                                                        Market integration is the backbone of Europe’s prosperity. In order to preserve its strength, the EU economy needs to be at the global innovation frontier. Investments in today’s innovation only make sense if they can rely on access to a vast integrated market. Integration inevitably leads to higher interdependence between Member States’ economic developments. Links are no longer just trade, but also include European value chains, financial markets, fiscal contagion, etc. As unwinding integration would come with unbearable economic and societal costs, we will need a European approach to economic policy.

                                                                        The effects of the crisis have exacerbated structural weaknesses and contributed to a legacy of economic and policy challenges that need to be tackled. These have been made more pressing by the unprecedented rise in migration witnessed over the past year, and which – in all likelihood – will continue in the near future. The way to meet these challenges is through deeper European market integration, supporting cohesion and convergence, investing in innovation, and stepping up efforts to make European firms and markets stronger and more competitive.

                                                                        Europe’s competitiveness and long-term, sustainable growth potential, however, suffer from a history of underinvestment in important areas, underperforming financial markets, and institutional barriers. Seven years of crisis undermined confidence, lowered aggregate investment, and further aggravated structural investment gaps. At the same time, constrained fiscal space and the necessary regulatory response to the banking crisis have significantly limited the ability of Member States and the European banking sector to take risks and catalyse valuable investment.

                                                                        This report is an update of an EIB study published in February 2015. It has revised investment gap figures, expanded its scope to include deeper analysis of the importance of the EU single market, and updated the section and data around EIB activities. It focuses on key enablers that require long-term investment and are critical to our future well-being. Its purpose is to help inform the identification of strategic priorities and show why action needs to be stepped up at the European level to revitalize long-term, competitiveness-enhancing investment in the EU.

                                                                        All publications in this series

                                                                        • How bad is the Ukraine war for the European recovery?
                                                                        • Recharging the batteries
                                                                        • Unlocking digital connectivity in Africa
                                                                        • A partnership with Africa
                                                                        • Artificial intelligence, blockchain and the future of Europe
                                                                        • Artificial intelligence, blockchain and the future of Europe - Executive Summary
                                                                        • Rural connectivity toolkit
                                                                        • The digitalisation of small and medium-sized enterprises in Italy: Models for financing digital projects - Summary Report
                                                                        • The rise of Africa’s digital economy
                                                                        • Accelerating the 5G transition in Europe - Executive summary
                                                                        • Accelerating the 5G transition in Europe
                                                                        • The EIB COVID-19 Economic Vulnerability Index - An analysis of countries outside the European Union
                                                                        • From starting to scaling
                                                                        • Three foundations: A competitive, sustainable, inclusive Europe
                                                                        • Feeding future generations: How finance can boost innovation in agri-food
                                                                        • Feeding future generations: How finance can boost innovation in agri-food - Executive summary
                                                                        • Smart Cities, Smart Investment in Central, Eastern and South-Eastern Europe
                                                                        • Investing in Europe’s future: the role of education and skills
                                                                        • Inequality in Europe
                                                                        • Migration and the EU: Challenges, opportunities, the role of EIB
                                                                        • Unlocking lending in Europe
                                                                        • ECON Note - The impact of the recession in 2008-2009 on EU regional convergence
                                                                        • ECON Note - PPPs and their financing in Europe
                                                                        • ECON Note n°02-2012 - EIB Priorities Studies
                                                                        • ECON Note n°01-2012 - EIB Priorities Studies
                                                                        • Economic and Financial Reports Volume 01/2010
                                                                        • Economic and Financial Reports Volume 05/2010
                                                                        • Economic and Financial Reports Volume 04/2010
                                                                        • Innovation and productivity growth in the EU services sector
                                                                        • Economic and Financial Reports Volume 03/2010
                                                                        • Economic and Financial Reports Volume 02/2010
                                                                        • Economic and Financial Reports Volume 01/2009
                                                                        • Economic and Financial Reports Volume 01/2008
                                                                        • Economic and Financial Reports Volume 03/2007
                                                                        • Economic and Financial Reports Volume 02/2007
                                                                        • Economic and Financial Reports Volume 01/2007
                                                                        • Economic and Financial Reports Volume 03/2006
                                                                        • Economic and Financial Reports Volume 02/2006
                                                                        • Economic and Financial Reports Volume 01/2006
                                                                        • Economic and Financial Reports Volume 03/2005
                                                                        • Economic and Financial Reports Volume 02/2005
                                                                        • Economic and Financial Reports Volume 01/2005
                                                                        • Economic and Financial Reports Volume 02/2004
                                                                        • Economic and Financial Reports Volume 01/2004
                                                                        • Economic and Financial Reports Volume 02/2003
                                                                        • Economic and Financial Reports Volume 01/2003
                                                                        • Economic and Financial Reports Volume 02/2002
                                                                        • Economic and Financial Reports Volume 01/2002
                                                                        • Economic and Financial Reports Volume 03/2001
                                                                        • Economic and Financial Reports Volume 02/2001
                                                                        • Economic and Financial Reports Volume 01/2001
                                                                        • Economic and Financial Reports Volume 02/2000
                                                                        • Economic and Financial Reports Volume 01/2000
                                                                        • Economic and Financial Reports Volume 02/1999
                                                                        • Economic and Financial Reports Volume 01/1999

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