The European Fund for Strategic Investments as a response to the EU's disinvestment crisis: an assessment of the Juncker Investment Plan

摘要

The Juncker Investment Plan is the response to the EU disinvestment crisis. This paper is structured around three axes of the Plan: its political dimension, its financial aspect, and its investment aspect, and replies to the following questions: Will the Plan's efforts of crowding in private investments work in times of austerity? Is the Plan's democratic accountability sufficiently developed? Do we need sanctuarisation of resources from other EU programmes that will provide the Plan's initial funding basis? Can we count on an additionality effect of the Plan, or will we witness a crowding out effect of private capitals instead? Should there be a geographic allocation of investment funds? Should there be a social economy aspect in the Plan? How can we optimally combine the Plan with the fiscal strictures of the Stability and Growth Pact? This paper argues that the Juncker Investment Plan is a welcome but probably insufficient initiative.