Europe faces major investment in infrastructure in the coming decade in the context of the credit crisis and the broader economic crisis that followed.The article considers what the core market failures in infrastructure are, focussing on the gap between marginal and average costs, the system...

The paper documents the significant changes of ownership since the infrastructure utilities were privatized and, in particular, the shifts from the initial focus on dispersed retail share ownership through takeovers to more concentrated ownership and the emergence of private equity and...