Publication
EIB Investment Report 2023/2024
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What is it about?
The European economy is undergoing a crucial transformation to become more digital and green, while also managing a worldwide shift away from globalisation. The European economy was buffeted by the COVID-19 crisis and energy crises, but strong policy support and strong corporate profits have sustained investment. However, conditions are deteriorating with rising interest rates and reduced fiscal support, posing risks for both public and private investment. Europe faces challenges in addressing climate change, adopting cutting edge technologies like big data and artificial intelligence and supporting the ability of companies and workers to adapt to the transition away from fossil fuels. Achieving Europe's ambitious climate goals requires substantial investment in research, skills, and green technologies, but funding remains insufficient. The report emphasizes the need for the public sector to create enabling conditions for private sector investment.
Why is it important?
Europe's economy is at a crossroads, navigating challenges like economic shocks, rising interest rates, and climate goals. To remain competitive globally, substantial investments in research, skills, and green technologies are essential. The private sector must lead these investments, but the public sector plays a crucial role in creating favorable conditions. Europe's ability to innovate, adapt to change, and foster disruptive innovation is vital for sustained competitiveness. The report highlights the urgency of addressing structural challenges, diversifying supply chains, and fully utilizing the potential of the European Union (EU) single market. Reinforcing supply chains, investing in new, green technologies, reducing energy needs and providing training for future jobs will all enhance Europe's resilience and competitiveness.
Perspectives
The digital and green transitions, combined with the growing roll-back of globalisation, are pushing the European economy to transform to be more sustainable, resilient, productive, and competitive. Now is the time to accelerate efforts to achieve those aims.
Debora
Revotella
European Investment Bank
