Introducing the topic of SME finance and summarising the main findings of the contributions to this edition of the EIB Papers, this overview stresses the importance of relationship banking for the supply of SME credit; points out the differences and similarities in the capital structure of firms...

This paper examines whether small and mediumsized enterprises (SMEs) in Europe suffer from a structural financing problem that hinders their growth. To this end, we estimate growth-cashflow sensitivities for firms in different size classes. Our results show that the sensitivity of company growth...

By using an existing and a new convergence measure, this paper assesses whether bank loan and bond interest rates are converging for the non-financial corporate sector across the euro area. Whilst we find evidence for complete bond market integration, the market for bank loans remains segmented,...

I summarize the main results and policy insights from the 2011 EIB Conference on “Productivity and Long-Term Growth Potential in Europe”. Europe’s need for productivity growth has become more pressing against the backdrop of huge government debt and a beginning slowdown in labour supply....

Europe is lagging behind other developed economies in the availability and use of very fast broadband services. The recently introduced Digital Agenda for Europe initiative sets forward ambitious targets for the development of super-fast broadband infrastructures in Europe to foster smart and...

This study discusses the structure and development of private infrastructure finance in Europe in a global context. It examines the contribution of private capital to the financing of infrastructure investment needs. A 'big picture' is created by putting the various financing instruments and...

This study analyzes issues related to green, i.e. low-carbon electricity investment in Europe. While traditionally the focus of attention was on green transmission lines, it has become clear in the course of this study that even though high-voltage electricity transmission is an important...

Infrastructure in the Eastern Neighbours and Central Asia (ENCA) lags behind other regions in terms of the quality of service provision and this is a potentially important constraint on the achievement of higher economic growth. The purpose of this paper is to examine the recent developments in...

Climate change is expected to have significant impacts on Europe that will affect its economic sectors and the distribution of economic activity. While some of those climate-change impacts can be alleviated by mitigation action, some degree of climate change cannot be avoided anymore. This makes...