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The 2019 assessment of the macroeconomic effects of the European Fund for Strategic Investments with the RHOMOLO-EIB model
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The 2019 assessment of the macroeconomic effects of the European Fund for Strategic Investments with the RHOMOLO-EIB model
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Journal Article
The 2019 assessment of the macroeconomic effects of the European Fund for Strategic Investments with the RHOMOLO-EIB model
2019
Overview
The European Fund for Strategic Investments (EFSI) is the financial pillar of the Investment Plan for Europe. It tackles the post-crisis investment gap in the European Union (EU) and aims to revive investment in key areas in all the EU Member States. EFSI was launched in 2015 jointly by the European Investment Bank (EIB) Group and the European Commission. Every year, macroeconomic impact assessments are carried out using the spatial dynamic RHOMOLO-EIB model in order to gauge jobs and growth impact of the EFSI-supported operations in the EU. This article illustrates the methodology used for the assessment and reports the result of the latest set of simulations, corresponding to the portfolio of all approved EFSI-supported operations as of the June 13th EIB Board of Directors meeting, 2019. According to the results, EFSI is contributing significantly to job creation and growth. The estimates suggest that, by 2019, more than 1 million jobs are expected to be created thanks to the approved operations (1.7 million by 2022), with a positive contribution to GDP of 0.9% (1.8% expected by 2022) over the baseline.
El Fondo Europeo para Inversiones Estratégicas (FEIE) es el pilar financiero del Plan de Inversiones para Europa. Aborda la brecha de inversión posterior a la crisis en la Unión Europea (UE) y tiene como objetivo revivir la inversión en áreas clave en todos los Estados miembros de la UE. El FEIE se lanzó en 2015 conjuntamente por el Banco Europeo de Inversiones (BEI) y la Comisión Europea. Cada año, las evaluaciones de impacto macroeconómico se llevan a cabo utilizando el modelo espacial dinámico RHOMOLO-EIB para medir el empleo y el impacto de las operaciones respaldadas por el FEIE en la UE. Este artículo ilustra la metodología utilizada para la evaluación e informa el resultado del último conjunto de simulaciones, correspondiente a la cartera de todas las operaciones aprobadas respaldadas por el FEIE a partir de la reunión de la Junta Directiva del BEI del 13 de junio de 2019. Según los resultados, FEIE está contribuyendo significativamente a la creación de empleo y al crecimiento. Las estimaciones sugieren que, para 2019, se espera que se hayan creado más de 1 millón de empleos gracias a las operaciones aprobadas (1,7 millones para 2022), con una contribución positiva al PIB del 0,9% (1,8% esperado para 2022) respecto al escenario base.
