Past Event

Financing long-term investment to stimulate growth in the EU

Growth & Innovation

Date: December 9, 2014, 12:00 pm Topic: Innovation & Competition Policy

New European Commission President Jean-Claude Juncker has launched a three-year €315 billion investment plan with the aim of reviving economic growth and creating jobs primarily through infrastructure investment. The key features of this plan were recently presented, including the fact that only €21 billion of public money will be used with the expectation of leveraging it with private investment to reach the targeted €315 billion. The public funding will come from two sources: €16 billion from the EU budget (reshuffling existing funds) and €5 billion from the EIB. The European Commission is also encouraging member states to provide additional funding.

Institutional investors, such as pension funds, insurance companies and sovereign wealth funds, can play an important role in as can multi-lateral finance institutions. However many countries are concerned by the lack of willingness of the private sector to commit to long-term investments following the increased uncertainty created by the financial crisis.

In this event, the speakers will discuss the Juncker plan as well as share their views on some of the challenges and opportunities for long-term investment in Europe.

The discussion will be moderated by Karen Wilson, Senior Fellow at Bruegel. The meeting will start promptly at 12:00 and run until 13:30. A light lunch will be served until 14:00 to provide time for further discussion and networking.

Speakers

  • Michael Wilkins, Managing Director, Infrastructure Finance Ratings, Standard and Poor’s, U.K.
  • Jose Maria Abad Hernandez, Chief Economist, Instituto de Credito Oficial (ICO), Spain
  • Raffaele Dellacroce, Lead Manager, Long Term Investment Project, OECD
  • Christophe Bourdillon, Permanent Delegate of Group Caisse des Dépôts (CDC) to the EU institutions

About the speakers

Michael Wilkins is a Managing Director in the Infrastructure Finance Ratings group of Standard & Poor’s Ratings Services based in London and also has responsibility for the firm’s global carbon and environmental finance sectors. Michael’s experience at Standard & Poor’s includes seven years as Head of Infrastructure Finance Ratings, the analytical group within Standard & Poor’s which covers utilities, project finance, PPPs and transportation in Europe, the Middle East and Africa. Michael was also co-head of the Corporate Securitisation group. He joined Standard & Poor’s in London in January 1994 and has also worked in the Melbourne and Hong Kong offices. Michael’s expertise encompasses the European power, water, environmental, transportation and social infrastructure sectors. He sits on the advisory board of Cass Business School’s MSc in Management. He is also a member of the Climate Markets & Investment Association, the UK Government’s Capital Markets Climate Initiative, a board member of the World Economic Forum (WEF) Green Growth Action Alliance and the Climate Bonds Initiative. Michael has a Bachelor of Arts degree within Modern Languages at Bristol University. He also holds an MBA in Finance from the Cass Business School and additionally has a Certificate of Carbon Finance & Analytics from the London Business School.


José Abad is Chief Economist and Head of Research and International Relations at the Instituto de Crédito Oficial (ICO), Spain’s national promotional bank, as well as an Executive Board Member of AXIS, Spain’s largest domestic private equity and infrastructure fund manager (€1.8bn in AUM) in Madrid. In addition, José also sits at the Management Board of the European Long-Term Investors Association (ELTI) and is the ‘sherpa’ of ICO at the Long-Term Investors Club (LTIC), both in Brussels. Prior to joining ICO, José worked as an economist (and consulted) for a number of financial institutions in Frankfurt and London such as the European economics research teams of Goldman Sachs and the UniCredit Group or the Sovereign and Supranational Risk Group of Moody’s. Before that, he also worked as a strategy consultant at KPMG’s Strategy and Operations Group in Madrid. José is an alumnus of the Kiel Institute for the World Economy, Germany, where he graduated from its Advanced Studies Program (ASP) in International Economic Policy Research, and holds a 5-year Degree in Business Economics as well as a 5-year Degree in Law from, respectively, ICADE Business and Law Schools in Madrid.


Raffaele Della Croce is an Italian national and lead manager for the OECD project “Institutional Investors and Long Term Investment”, in the Financial Affairs Division of the OECD. The project aims to facilitate long-term investment by investors such as pension funds, insurance companies and sovereign wealth funds, addressing both potential regulatory obstacles and market failures. Based on research produced for this project the OECD is contributing to the policy discussions at the level of G20, Asian Pacific Economic Cooperation (APEC) and the European Commission, in particular through the new G20/OECD Taskforce on Institutional Investors and Long Term Financing. As part of the OECD Futures Programme, Raffaele has also worked on the project “Transcontinental Infrastructure Needs to 2030/50” in the Advisory Unity to the Secretary General. Prior to joining the OECD in 2010, he worked in the financial industry for eight years, mainly with Ernst & Young and Moody’s Investors Services, in London. As part of international teams advising governments or private consortia, he has been involved in the analysis, structuring and negotiation of the largest transactions in the utilities and infrastructure sectors in the Europe, Middle East and Africa region. Raffaele also serves in the Advisory Committee of the OECD Provident Fund. He was educated at University La Sapienza in Rome and Columbia University in New York.


Christophe Bourdillon is the Permanent Delegate of Group Caisse des Dépôts (CDC) to the EU institutions. As such, he manages lobbying activities at the EU level and CDC’s strategic partnerships with other European long term financial institutions. Christophe entered CDC in 1985 at the Finance and Banking General Directorate. He spent a major part of his carrier in this Directorate until 2000, with two different experiences: one at the Paris Stock Exchange, as Director of Finance and administration from 1996 to 1999 and the other, as National expert at the General Directorate of Economic and Financial Affairs of the European Commission. As such, he participated to the introduction of the single currency in the EU. In 2001, he joined CDC Ixis (a subsidiary of Caisse des Dépôts), first as deputy Managing director of the private equity branch, then as General Secretary to the CEO of CDC Ixis – Investment Bank. In 2006, he managed the operations of NYSE-Euronext in Italy before reintegrating the Group Caisse des Depots, at the International and EU affairs Directorate. He is also a board member of CNP UniCredit Vita and Euronext. He is an alumnus of the National School of Administration (Léonard de Vinci promotion – 1985).

Practical details

  • Venue: Bruegel, Rue de la Charité 33, 1210 Brussels
  • Time: Tuesday, 9 December 2014, 12:00-14:00. Lunch will be served after the event at 13:30.
  • Contact: Matilda Sevón, Events Manager – registrations@bruegel.org

 

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Read article More on this topic

Blog Post

Hong Kong’s economy is still important to the Mainland, at least financially

Hong Kong’s current situation is important for the world in as far as its role as major offshore financial centre is key for China’s inbound and outbound investment and financing. Capital outflows from Hong Kong are especially risky given Hong Kong's so far useful but rigid monetary regime, namely a peg to the USD under a currency board

By: Alicia García-Herrero and Gary Ng Topic: Global Economics & Governance Date: August 19, 2019
Read about event

Upcoming Event

Sep
9
08:30

China-EU investment relations: Exploring competition and industrial policies

This is a closed-door workshop jointly organised by MERICS and Bruegel looking at China-EU investment relations.

Speakers: Alicia García-Herrero Topic: Finance & Financial Regulation, Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
Read article More on this topic More by this author

External Publication

La Banca centrale europea

This external publication delves into the new responsibility given to the European Central Bank: supervision on banks in the euro-area. It tells its history and illustrates its functions, structure and responsibilities and the exceptional answers to respond to the "perfect storm" of the crisis.

By: Francesco Papadia Topic: European Macroeconomics & Governance Date: July 31, 2019
Read article More on this topic

Blog Post

China’s investment in Africa: What the data really says, and the implications for Europe

China has clearly signalled to Europe that it does not shy away from involvement in Africa, historically Europe’s area of influence. But the nature of China’s direct investment flows to the continent will have to change if they are to prove sustainable.

By: Alicia García-Herrero and Jianwei Xu Topic: Global Economics & Governance Date: July 22, 2019
Read article More on this topic

Blog Post

Talking about Europe: Die Zeit and Der Spiegel 1940s-2010s

An on-going research project is seeking to quantify and analyse printed media discourses about Europe over the decades since the end of the Second World War. A first snapshot screened more than 2.8 million articles in Le Monde between 1944 and 2018. In this second instalment we carry out an analogous exercise on a dataset of more the 500 thousand articles from two German weekly magazines: Die Zeit and Der Spiegel. We also report on the on-going work to refine the quantitative methodology.

By: Enrico Bergamini, Emmanuel Mourlon-Druol, Francesco Papadia and Giuseppe Porcaro Topic: European Macroeconomics & Governance Date: July 18, 2019
Read article More on this topic

Opinion

What bond markets tell about China’s economy

Macro data doesn’t provide a comprehensive picture to investors, but bond issuance data can fill in some gaps.

By: Alicia García-Herrero and Gary Ng Topic: Global Economics & Governance Date: July 10, 2019
Read article Download PDF More on this topic

Policy Brief

The European Union energy transition: key priorities for the next five years

The new members of the European Parliament and European Commission who start their mandates in 2019 should put in place major policy elements to unleash the energy transition. It is becoming economically and technically feasible, with most of the necessary technologies now available and technology costs declining. The cost of the transition would be similar to that of maintaining the existing system, if appropriate policies and regulations are put in place.

By: Simone Tagliapietra, Georg Zachmann, Ottmar Edenhofer, Jean-Michel Glachant, Pedro Linares and Andreas Loeschel Topic: Energy & Climate Date: July 9, 2019
Read article More on this topic More by this author

Podcast

Podcast

Director's Cut: Priorities for the new ECB president

In this Director's Cut of 'The Sound of Economics', Guntram Wolff talks to two of the authors of Bruegel's memo to the new ECB president, Maria Demertzis and Grégory Claeys, to specify the most important issues at the beginning of this eight-year cycle and to clarify the parameters within which the new incumbent will have to work.

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: July 4, 2019
Read article Download PDF

Policy Brief

The threats to the European Union’s economic sovereignty

Memo to the High Representative of the Union for Foreign Affairs and Security Policy. The authors describe the current context and the increasing interlinkages between economics and power politics and the role to play in reinforcing and defending Europe’s economic sovereignty.

By: Jean Pisani-Ferry and Guntram B. Wolff Topic: European Macroeconomics & Governance, Global Economics & Governance Date: July 4, 2019
Read article Download PDF More on this topic

Policy Brief

Preparing for uncertainty

Memo to the president of the European Central Bank. Grégory Claeys, Maria Demertzis and Francesco Papadia present the challenges that the next ECB president will face during the upcoming mandate, reinventing monetary policy in a system riddled with uncertainties.

By: Grégory Claeys, Maria Demertzis and Francesco Papadia Topic: European Macroeconomics & Governance Date: July 3, 2019
Read article More on this topic More by this author

Opinion

Farewell, flat world

In the last 50 years, the most important economic development has been the diminishing income gap between the richer and poorer countries. Now, there is a growing realisation that transformations in the global economy have been re-established centrally from intangible investments, to digital networks, to finance and exchange rates.

By: Jean Pisani-Ferry Topic: Global Economics & Governance Date: July 2, 2019
Read about event More on this topic

Past Event

Past Event

How comprehensive is the EU political realignment?

Has the left-right divide become obsolete in EU politics?

Speakers: David Amiel, Otilia Dhand, Nicolas Véron and Silke Wettach Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 25, 2019
Load more posts