Financial instruments for enterprises in 2007-13: a practice run for 2014-20?

Fiona Wishlade, Rona Michie, Giovanni Familiari, Peter Schneiderwind, Andreas Resch

Research output: Contribution to journalArticle

Abstract

The 2007-13 planning period saw a new and significant emphasis on the use of so-called ‘financial instruments’ as measures to implement Cohesion policy. This was justified by the Commission on the basis that such instruments are more sustainable than grants, that they can generate better quality projects and that they are a more efficient use of public funds. However, for many Member States financial instruments were a new approach to delivering Cohesion policy in 2007-13, and their increased use created significant challenges. In considering this experience, this article draws on the findings of the ex post evaluation of financial instruments for enterprise support under the ERDF and Cohesion Fund. It assesses the scale of support provided through co-financed financial instruments in 2007-13, considers the rationales of managing authorities opting to use financial instruments, outlines how financial instruments were implemented in practice and provides some initial indications of their effectiveness.
Original languageEnglish
Pages (from-to)111-119
Number of pages9
JournalEuropean Structural and Investment Funds Journal
Volume5
Issue number2
Publication statusPublished - 2 Apr 2017

Keywords

  • financial instruments
  • cohesion policy
  • member states

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