European investment bank president Werner Hoyer says that investment levels are still below pre-crisis levels almost everywhere in Europe and it is hampering the growth potential in member states. In 2013 the EIB funding totaled €75.1bn, +37% on 2012 and €67.1bn of that was used in the EU (+42% on 2012)
“Our SME support became our largest policy contribution, amounting to EUR 21.9 billion. This is an all-time high!” Said Wener
He went on to warn that Europe risked falling behind other countries and regions in competitiveness;
“Also, we are falling behind in terms of global competitiveness because countries outside the EU are investing at a much higher level in technology and innovation than the EU and the majority of its Member States.”
This further highlights that the road to recovery will not be easy and there’s still monumental change needed. I’ve said for a while that Europe could be left behind in the growth race and news like this is going to add fodder to those thoughts.
