European Investment Bank, West Entrance, 100 Boulevard Konrad Adenauer, 2950 Luxembourg




Thursday, November 23, 2017

In cooperation with

EIB Investment Report 2017/2018: From recovery to sustainable growth



Thursday, 23 November 2017
Registration and Welcome Coffee
Opening Remarks

Opening Remarks

Werner Hoyer, President, European Investment Bank
Policy Address
Klaas H. Knot, President, De Nederlandsche Bank presentation
Panel Session I: Investment and investment finance in Europe: a policy perspective

The European economy is in a phase of recovery, but heated debate persists on fiscal policy, monetary policy, regulatory frameworks and the long-term outlook for growth. Many questions remain on the macro-financial environment influencing investment. Can we now stop worrying about secular stagnation? What stimulus is being provided by monetary policy? Have European corporates deleveraged enough? Can they now support a possible normalisation? How can we better exploit synergies between fiscal and monetary policy? How can we make public investment less pro-cyclical in Europe? How can we strengthen the financial regulatory framework yet also foster risk-sharing and further capital markets development? Reviewing the evidence on recent investment activity in Europe, the panel will discuss what is driving investment trends, whether there is a need for further policy support, and the role that government investment should play. How should policy makers respond to the trend of slow aggregate productivity growth?

Presentation of the key results of the 2017 Investment report

Chair: Debora Revoltella, Chief Economist, European Investment Bank and SUERF Council Member presentation
Marco Buti, Director General, DG ECFIN, European Commission presentation
Vitor Gaspar, Director, Fiscal department, International Monetary Fund presentation
Catherine L. Mann, Chief Economist, Organisation for Economic Co-operation and Development presentation
Peter Praet, Member of the Executive Board, European Central Bank presentation
Panel Session II: The role of innovation and skills in boosting investment activity

Innovation and technological progress are the most important drivers of economic growth over the longer term. While only a fraction of firms are active at the technological frontier, the spread of innovations throughout the economy is also vital, as is adjustment to changing demands for skills. Indeed, EIBIS results reveal that persistent skills mismatches are seen as major impediments to investment, innovation diffusion and growth in Europe today. The panel will debate the nature of the skills mismatch in Europe, its impacts, and how we need to respond. Does uncertainty affect investment in innovation and skills differently than other types of investment? What policies can address gaps in the availability of skills to support the process of convergence and European integration? How can investment in capacity for training along the entire work-life cycle serve to accompany technological change and reduce the skills mismatch? What role can the EIB play in implementing these policies?

Chair: Natacha Valla, Head of Policy and Strategy, Economics Department, European Investment Bank and SUERF Council Member
Eric Bartelsman, Professor, Vrije Universiteit presentation
Yuriy Gorodnichenko, Professor, University of California Berkeley presentation
Sergei Guriev, Chief Economist, European Bank for Reconstruction and Development presentation
Jan Svejnar, Professor, Columbia University I SIPA
Coffee Break
Panel Session III: European financial landscape and access to finance

The recent financial crisis was arguably longer and deeper in Europe than in the rest of the developed world, partly owing to Europe’s strong reliance on banks in its financial system. Even today, EIBIS results suggest that pockets of tight access to external finance remain in several European jurisdictions. This panel will discuss the weakness and strengths of the European banking sector and how it differs from financial systems elsewhere. It will also touch upon the capital market union, its expected design and the current gaps. Turning to policy, it will discuss how we can increase the financial resilience of corporates, diversify their sources of finance, and facilitate the development of young and small corporates that were disproportionately affected by the crisis. Is non-bank financing on the rise in Europe? Should its share in financing increase further and is there a role for policy makers to enhance this process?

Chair: Barbara Marchitto, Head of Country and Financial Sector Analysis, Economics Department, European Investment Bank
Sebnem Kalemli-Özcan, Neil Moskowitz Endowed Professor of Economics, University of Maryland presentation
Boris Vujčić, Governor, Central Bank of Croatia presentation
Reinhilde Veugelers, Professor, University of Leuven and Bruegel presentation
Mario Nava, Director for financial markets monitoring and crisis management, European Commission
Closing Remarks
Andrew McDowell, Vice President, European Investment Bank