A European Public Investment Outlook - cover image

Book Series


Floriana Cerniglia; Francesco Saraceno

Published On





  • English

Print Length

224 pages (xxii+202)


Paperback178 x 16 x 254 mm(7" x 0.61" x 10")
Hardback178 x 19 x 254 mm(7" x 0.75" x 10")


Paperback1183g (41.73oz)
Hardback1655g (58.38oz)



OCLC Number



  • KFFM
  • K
  • 1QFE


  • BUS036000
  • BUS032000
  • BUS051000


  • state of public capital
  • European countries
  • public investment
  • growth
  • policy-making community
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A European Public Investment Outlook

This outlook provides a focused assessment of the state of public capital in the major European countries and identifies areas where public investment could contribute more to stable and sustainable growth. A European Public Investment Outlook brings together contributions from a range of international authors from diverse intellectual and professional backgrounds, providing a valuable resource for the policy-making community in Europe to feed their discussion on public investment. The volume both offers sector-specific advice and highlights larger areas which should be prioritized in the policy debate (from transport to social capital, R&D and the environment).

The outlook is structured into two parts: the chapters of Part I respectively explore public investment trends in France, Germany, Italy, Spain and Europe as a whole, and illuminate how the legacy of the 2008 Global Financial Crisis is one of insufficient public investment. Part II investigates some areas into which resources could be channelled to reverse the recent trend and provide European economies with an adequate public capital stock.

The essays in this outlook collectively foster a broad approach to and definition of public investment, that is today more relevant than ever. Offering up a timely and clear case for the elimination of bias against investment in European fiscal rules, this outlook is a welcome contribution to the European debate, aimed both at policy makers and general readers


Even without the COVID-19 recession, the public sector role in generating investment, employment and growth would be a crucial question for economic policy. This volume brings fresh analysis to explain the importance of public investment, and the opportunities it offers. The editors should be praised for extending their attention well beyond standards to social investment as well as the ecological transition. The book will also be helpful for those who want to assess the added value of the European Union in the field of public investment.

László Andor

Secretary General, FEPS; Senior Fellow, Hertie School of Governance

Table of Contents


Franco Bassanini, Alberto Quadrio Curzio and Xavier Ragot


Author Biographies


Floriana Cerniglia and Francesco Saraceno

Part I — Outlook

1. Europe Needs More Public Investment

Rocco Luigi Bubbico, Philipp-Bastian Brutscher and Debora Revoltella

2. Public Investment and Capital in France

Mathieu Plane and Francesco Saraceno

3. Public Investment in Germany: The Need for a Big Push

Sebastian Dullien, Ekaterina Jürgens and Sebastian Watzka

4. Public Investment Trends across Levels of Government in Italy

Floriana Cerniglia and Federica Rossi

5. Trends and Patterns in Public Investment in Spain: A Medium- and Long-Run Perspective

José Villaverde and Adolfo Maza

Part II — Challenges

6. In Search of a Strategy for Public Investment in Research and Innovation

Daniela Palma, Alberto Silvani and Alessandra Maria Stilo

7. Social Investment and Infrastructure

Anton Hemerijck, Mariana Mazzucato and Edoardo Reviglio

8. From Trans-European (Ten-T) to Trans-Global (Twn-T) Transport Infrastructure Networks. A Conceptual Framework

Paolo Costa, Hercules Haralambides and Roberto Roson

9. Ecological Transition

D’Maris Coffman, Roberto Cardinale, Jing Meng and Zhifu Mi

10. The Contribution of European Cohesion Policy to Public Investment

Francesco Prota, Gianfranco Viesti and Mauro Bux

List of Illustrations

List of Tables


Floriana Cerniglia

Full Professor of Economics at Università Cattolica del Sacro Cuore

Francesco Saraceno

Deputy Department Director at OFCE, the Research Center in Economics at Sciences Po, Paris