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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 ‘right’ 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.

Suggested Citation

  • Benedicta Marzinotto, 2011. "A European fund for economic revival in crisis countries," Policy Contributions 504, Bruegel.
  • Handle: RePEc:bre:polcon:504
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    Cited by:

    1. Mihaela Neculita & Valentin Neculita & Rodica Emanuela Afanase, 2015. "Evolution Of National Strategic Plans Implementation In Central And Eastern European Countries," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 549-554.
    2. Claudiu-Tiberiu ALBULESCU & Daniel GOYEAU, 2013. "EU Funds Absorption Rate and the Economic Growth," Timisoara Journal of Economics and Business, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 6(20), pages 153-170.
    3. Iana Paliova & Tonny Lybek, 2014. "Bulgaria’s EU Funds Absorption; Maximizing the Potential!," IMF Working Papers 14/21, International Monetary Fund.
    4. Zsolt Darvas & Jean Pisani-Ferry, 2011. "Europe's growth emergency," Policy Contributions 623, Bruegel.
    5. Riemer P. Faber & Pierre Koning, 2017. "Why not fully spend a conditional block grant?," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 24(1), pages 60-95, February.
    6. Zeilbeck, Severin, 2015. "An investment initiative for fiscally constrained EU member states: The role of synergetic financial instruments," IPE Working Papers 58/2015, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    7. Madalina Anghel & Diana Dumitrescu & Daniel Dumitrescu & Georgiana Nita, 2016. "Role of banks in in European funds absorptionto maintain macroeconomic stability," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 64(9), pages 43-49, September.
    8. 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.
    9. 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.
    10. 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.

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