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The 2019 assessment of the macroeconomic effects of the European Fund for Strategic Investments with the RHOMOLO-EIB model

Author

Listed:
  • Christensen, Martin

    () (European Commission, Joint Research Centre (JRC))

  • Weiers, Georg

    (European Investment Bank (EIB), Luxembourg.)

  • Wolski, Marcin

    (European Investment Bank (EIB), Luxembourg.)

Abstract

The European Fund for Strategic Investments (EFSI) is the financial pillar of the Investment Plan for Europe. It tackles the post-crisis investment gap in the European Union (EU) and aims to revive investment in key areas in all the EU Member States. EFSI was launched in 2015 jointly by the European Investment Bank (EIB) Group and the European Commission. Every year, macroeconomic impact assessments are carried out using the spatial dynamic RHOMOLO-EIB model in order to gauge jobs and growth impact of the EFSI-supported operations in the EU. This article illustrates the methodology used for the assessment and reports the result of the latest set of simulations, corresponding to the portfolio of all approved EFSI-supported operations as of the June 13th EIB Board of Directors meeting, 2019. According to the results, EFSI is contributing significantly to job creation and growth. The estimates suggest that, by 2019, more than 1 million jobs are expected to be created thanks to the approved operations (1.7 million by 2022), with a positive contribution to GDP of 0.9% (1.8% expected by 2022) over the baseline.

Suggested Citation

  • Christensen, Martin & Weiers, Georg & Wolski, Marcin, 2019. "The 2019 assessment of the macroeconomic effects of the European Fund for Strategic Investments with the RHOMOLO-EIB model," INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, Asociación Española de Ciencia Regional, issue 45, pages 5-15.
  • Handle: RePEc:ris:invreg:0409
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    More about this item

    Keywords

    Spatial general equilibrium; fiscal policy; investment;

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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