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A European fund for economic revival in crisis countries

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  • Benedicta Marzinotto

Abstract

Significant volumes of Structural and Cohesion Funds have been pre-allocated but remain undisbursed or uncommitted. In Portugal, unused funds amount to 9.3 percent of GDP, in Greece close to 7 percent, and in central and eastern European countries about 15 percent. These funds should be part of a temporary European Fund for Economic Revival (EFER) for 2011-13, which would promote economic growth in crisis-hit countries and facilitate structural reforms. For countries under financial assistance in particular, the European Commission has a role to play in identifying the â??rightâ?? objectives for which the funds should be used. The Commission could decide to manage the funds directly with the support of an executive agency. Greater efforts should be made to exploit synergies between EU grants and European Investment Bank loans, allowing EIB loans to finance the total costs of a project or programme in small countries, and leveraging the whole EU budget to attract private investment.

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Bibliographic Info

Paper provided by Bruegel in its series Policy Contributions with number 504.

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Date of creation: Feb 2011
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Handle: RePEc:bre:polcon:504

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Cited by:
  1. Zsolt Darvas & Jean Pisani-Ferry, 2011. "Europe's Growth Emergency," IEHAS Discussion Papers 1144, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  2. Yiannis Saratsis & Angelos Kotios & George Galanos, 2012. "Greek economic crisis and its impact on regional development and policy," ERSA conference papers ersa12p505, European Regional Science Association.
  3. Faber, Riemer & Koning, Pierre, 2012. "Why Not Fully Spend a Conditional Block Grant?," IZA Discussion Papers 6712, Institute for the Study of Labor (IZA).
  4. Spencer, Thomas & Lucas, Chancel & Emmanuel, Guerin, 2012. "Exiting the crisis in the right direction: A sustainable and shared prosperity plan for Europe," MPRA Paper 38802, University Library of Munich, Germany.
  5. GHEORGHE ZAMAN & Anca CRISTEA, 2011. "EU Structural Funds Absorption in Romania: Obstacles and Issues," Romanian Journal of Economics, Institute of National Economy, vol. 32(1(41)), pages 60-77, June.

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