In November 2009, EIF issued a working paper on the European microfinance market. In this study, we found that there are wide spectra of final beneficiaries and intermediaries and concluded that there is no common microfinance business model in Europe. While our findings suggested that the...

The first aim of this paper is to clarify the meaning of moral hazard in the context of construction procurement. Two important points are that typically there is a double moral hazard problem, as the client also can “misbehave” in a number of ways, and that both internal moral hazard...

Cooperative arrangements, such as partnering, have received increased interest in recent years. Several studies show however that cooperative relationships are not easily achieved in construction. Implementation of cooperative relationships requires changes in several elements of the traditional...

This analysis provides an overview of the main markets relevant to the EIF. It starts by discussing the general market environment, then looks at the main aspects of equity finance and the guarantee and SME securitisation markets. It also highlights important aspects of microfinance in Europe....

This working paper presents results of the first EIF VC Survey, a survey among venture capital general partner/management companies. The study provides a detailed overview of the respondents' state of business and market activity as well as their general perception of the European venture...

This European Small Business Finance Outlook (ESBFO) provides an overview of the main markets relevant to EIF (equity, guarantees, securitisation, microfinance). It is an update of the December 2017 ESBFO edition. We start by discussing the general market environment, then look at the main...

The working paper presents results of the EIF VC Survey, a survey among venture capital general partner/management companies. Following the first EIF VC Survey Working Paper (2018/48), which covered the VC market sentiment and public support, this second paper analyses respondents' feedback as...

Many policy actions of the CMU have the objective to enhance access to finance for the so-called backbone of the European economy—the SMEs. The CMU aims at improving the framework conditions for SME financing, at strengthening bank lending—as the most important external financing source for...