The Great Reset: 2021 European Public Investment Outlook - cover image

Book Series


Floriana Cerniglia; Francesco Saraceno; Andrew Watt;

Published On





  • English

Print Length

258 pages (xxviii+230)


Paperback178 x 18 x 254 mm(7" x 0.71" x 10")
Hardback178 x 22 x 254 mm(7" x 0.88" x 10")


Paperback1353g (47.73oz)
Hardback1830g (64.55oz)



OCLC Number





  • KFFM
  • K
  • 1QFE


  • BUS036000
  • BUS032000
  • BUS051000


  • RA644.C67


  • public investment
  • Europe
  • European governments
  • COVID-19 recession
  • sustainable Europe
  • climate change
  • human capital formation
  • NextGenerationEU

The Great Reset

2021 European Public Investment Outlook

This timely and insightful collection of essays written by economists from a range of academic and policy institutes explores the subject of public investment through two avenues. The first examines public investment trends and needs in Europe, addressing the initiatives taken by European governments to tackle the COVID-19 recession and to rebuild their economies. The second identifies key domains where European public investment is needed to build a more sustainable Europe, from climate change to human capital formation.

Building on the 2020 edition, The Great Reset demonstrates the value of public capital both within European countries and as a European public good, shedding light on the impact that the NextGenerationEU’s Recovery and Resilience Facility will likely have on the macroeconomic structure of the European economy. The first part of the Outlook assesses the state of public investment in Europe at large, as well as focusing on five countries (France, Germany, Italy, Poland and Spain) as case studies. The second part focuses on the challenges posed by the pandemic and the pillars of the NextGenerationEU investment plan, with chapters ranging from education and digitalization, to territorial cohesion and green transition.

This book is a must-read for economists, policymakers, and scholars interested in the impact and recovery of European countries during a time of extensive uncertainty.


When if not now should Europe turn up the volume on government investment in order to deliver a just transition to a sustainable economy as well as resilient public services to all? This volume explains the rationale behind such policies together with the need to reform the EU economic architecture, starting with the fiscal rules. Readers are well served here with thorough country studies followed by fascinating sectoral analyses of investment needs and strategies from health to energy and territorial cohesion.

Laszlo Andor

Secretary General Foundation for European progressive Studies, former European Commissioner for Employment and Social Affairs

Additional Resources

[article]Deutschland muss klotzen

Seite 5. Katja Rietzler, Andrew Watt: Public Investment in Germany: Much More Needs to Be Done, in: Floriana Cerniglio, Francesco Saraceno, Andrew Watt (Hrsg.): The Great Reset, European Public Investment Outlook 2021, Cambridge, Open Book Publishers, November 2021

[article]Investieren für den Neustart

Seite 5. Andrea Brasili u.a.: Public Investment in the Pandemic – Europe at a Glance, in: Floriana Cerniglio, Francesco Saraceno, Andrew Watt (Hrsg.): The Great Reset, European Public Investment Outlook 2021, Cambridge, Open Book Publishers, November 2021


  • Jochen Schanz
  • Andrea Brasili
  • Atanas Kolev
  • Debora Revoltella
  • Giovanni Barbieri
  • Floriana Cerniglia
  • Adam Czerniak
  • Sebastian Płóciennik
  • Luigi Durand
  • Raphael Espinoza
  • William Gbohoui
  • Mouhamadou Sy

8. Investing in Health

(pp. 127–138)
  • Pierre-Yves Geoffard
  • Lieve Fransen
  • Romano Prodi
  • Edoardo Reviglio
  • Désirée Rückert
  • Reinhilde Veugelers
  • Antilia Virginie
  • Christoph Weiss
  • Carlo Jaeger
  • Diana Mangalagiu
  • Jonas Teitge
  • Maximilian Zangl
  • Katharina Weber
  • Muhammad Usman Zahid
  • Mario Holzner
  • Giuseppe Coco
  • Raffaele Lagravinese


(pp. xxv–xxviii)
  • Sebastian Dullien
  • Xavier Ragot
  • Franco Bassanini
  • Alberto Quadrio Curzio


(pp. 1–14)
  • Floriana Cerniglia
  • Francesco Saraceno
  • Andrew Watt


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

Andrew Watt

Head of the European Economic Policy Unit at the Macroeconomic Policy Institute (IMK) at Hans-Böckler Foundation