Financing Investment in Times of High Public Debt: 2023 European Public Investment Outlook - cover image


Floriana Cerniglia; Francesco Saraceno; Andrew Watt

Published On





  • English

Print Length

248 pages (xiv+234)


Paperback178 x 18 x 254 mm(7.01" x 0.71" x 10")
Hardback178 x 21 x 254 mm(7.01" x 0.83" x 10")


Paperback614g (21.66oz)
Hardback802g (28.29oz)



OCLC Number





  • KFFM
  • KCS
  • KFFD


  • KFFM
  • K
  • 1QFE


  • BUS036000
  • BUS032000
  • BUS051000


  • HC240


  • Financing
  • European economics
  • Investment
  • Public debt
  • Infrastructure
  • Governance

Financing Investment in Times of High Public Debt

2023 European Public Investment Outlook

The fourth book in the ‘European Public Investment Outlook’ series focuses on the urgent issue of how to finance needed investment in critical tangible and intangible infrastructure given high levels of public debt, a thorny problem facing many governments across Europe. Drawing on expertise from academics, researchers at public policy institutes and international governance bodies, the contributors analyse the current situation and prospects and propose feasible solutions.

Financing Investment in Times of High Public Debt offers a powerful combination of high-level analysis of cross-continental policies and trends, with close examination of specific contexts in France, Italy, Germany and Spain. The chapters in Part II explore challenges including how to finance climate investments, the extent to which national promotional banks can offer solutions, EU budget reform and recent trends in tax progressivity.

This book is essential reading for economists, policymakers, and anyone interested in implementing and financing public policy in Europe and wanting to better understand the intricacies of EU governance and institutions.


This book should be the go-to-book for anybody working on European Union fiscal rules and their potential interactions with public investment and the fight against global warming.

Prof Olivier Blanchard

Robert M. Solow Professor of Economics emeritus at the Massachusetts Institute of Technology (MIT), and Senior Fellow at the Peterson Institute for International Economics


0. Introduction

(pp. 1–11)
  • Floriana Cerniglia
  • Francesco Saraceno
  • Andrew Watt

1. Europe

(pp. 13–34)
  • Andrea Brasili
  • Atanas Kolev
  • Jochen Schantz
  • Debora Revoltella
  • Annamaria Tueske
  • Mathieu Plane
  • Francesco Saraceno
  • Ekaterina Juergens
  • Katja Rietzler
  • Andrew Watt
  • Giovanni Barbieri
  • Floriana Cerniglia
  • Enzo Dia
  • Atanas Pekanov
  • Margit Schratzenstaller-Altzinger
  • Alessandro Coloccia
  • Marco Buti
  • Marcello Messori


Floriana Cerniglia

Full Professor of Economics at Università Cattolica del Sacro Cuore

Floriana Cerniglia is a full professor of Economics at Università Cattolica del Sacro Cuore (Milan) and Director of CRANEC (Centro di ricerche in analisi economica e sviluppo economico internazionale). She is the Co-Editor-in-Chief of EconomiaPolitica, Journal of Analytical and Institutional Economics. She received her PhD from the University of Warwick (UK) and her research interests are in Public Economics and in macroeconomic policies. She has published in leading international journals and she has coordinated and participated in a number of peer-reviewed research projects.

Francesco Saraceno

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

Francesco Saraceno is Deputy Department Director at OFCE, the research centre in economics at Sciences Po in Paris. He holds PhDs in Economics from Columbia University and the Sapienza University of Rome. His research focuses on the relationship between inequality, macroeconomic performance, and European macroeconomic policies. From 2000 to 2002, he was a member of the Council of Economic Advisors for the Italian Prime Minister’s Office. He teaches international and European macroeconomics at Sciences Po, where he manages the Economics concentration of the Master’s in European Affairs, and at Luiss in Rome. He is Academic Director of the Sciences Po-Northwestern European Affairs Program. He advises the International Labour Organisation (ILO) on macroeconomic policies for employment and participates in IMF training programmes on fiscal policy.

Andrew Watt

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

Andrew Watt is Head of the Unit of European Economic Policy at the Macroeconomic Policy Institute (IMK), part of the Hans-Böckler Foundation. He holds a PhD from the University of Hamburg. His main research fields are European economic and employment policy and comparative political economy, with a particular interest in the interaction between wage-setting and macroeconomic policy. Recent work has focused on reform of the economic governance of the euro area, emphasising the need to coordinate monetary, fiscal, and wage policy in order to achieve balanced growth and favourable employment outcomes. He has served as advisor to numerous European and national institutions, including the European Commission, the European Economic and Social Committee, and Eurofound.