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« 7 – 24 – 50 » (A. Merkel)
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Source: AMECO
Source: ECFIN Economic Brief: Economic growth perspectives for Europe, Issue 21, April 2013
4 Source: World Bank (2011)
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Positive correlation : Ø Quality of labour inputs Ø Investment in ICT Ø Volume and efficiency of R&D spending Ø Quality of economic infrastructure (
Negative correlation :
Ø Rigid product and labour markets Ø Poor quality of institutions
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0.0
0.5
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2.5
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3.5
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2001-‐2004
2005-‐2008
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EU27 EU15 NMS China Japan South Korea US
Business Higher educaDon Government Other
Source: Eurostat
¨ Therefore, investment in -R&D -ICT -Infrastructure is key for long term growth
¨ How to boost it ?
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¨ European Fund for Strategic Investments (EFSI)
¨ European Long-Term Investment Funds (ELTIFs)
¨ Revised Solvency II ¨ Securitisation ¨ IFRS 9 ¨ « Clarified » SGP « investment clause »
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