European Investment Research Articles

INNOVATIVE STRATEGIES OF THE EUROPEAN UNION FOR THE ECONOMIC RECOVERY OF POST-CONFLICT REGIONS: PROSPECTS OF IMPLEMENTATION IN UKRAINE

The purpose of this article is to research innovative strategies of the European Union, which are aimed at the economic recovery of post-conflict regions, as well as to determine the possibilities of their adaptation for use in Ukraine. The relevance of the study is due to the fact that after the full-scale invasion of Russia on the territory of Ukraine, Donetsk, Luhansk, Kherson, Zaporizhzhya, etc. oblasts were under the terror of the occupiers, which negatively affected their residents, infrastructure and development of these territories. Their restoration requires the use of new approaches, including the introduction of innovative technologies and tools. The European Union has a lot of experience in this area, and its strategies can be useful for Ukraine in terms of accelerating the reconstruction process and creating favorable conditions for economic growth. The methods of system analysis, comparative analysis and the case study method were used to achieve the research goal. The systematic analysis made it possible to study a set of economic, social and political factors that influence the recovery of post-conflict regions, and the comparative method helped to determine the most effective European strategies that can be adapted to Ukrainian realities. The case study method made it possible to analyze in depth successful examples of the application of innovative strategies in EU countries, such as Croatia, Bosnia and Herzegovina, which is of great importance for the development of recommendations for the implementation of similar approaches in Ukraine. The results of the study show that innovative strategies play an important role in the reconstruction of post-conflict regions. The European Union has developed a number of tools for the reconstruction of destroyed territories, among which investments in digital transformation, development of small and medium-sized businesses, infrastructure restoration and introduction of "green" technologies occupy an important place. In particular, the European Structural and Investment Funds provide financial support to rebuild infrastructure and stimulate economic growth in conflict-affected regions. The «Horizon Europe» program also contributes to the financing of scientific research and the development of technological innovations, which can be extremely useful for the recovery of Ukraine. The practical value of the article lies in the development of a recommendation on the adaptation of innovative EU strategies for the reconstruction of the de-occupied territories of Ukraine. The implementation of these strategies can not only contribute to economic growth, but also help create new jobs, restore infrastructure and increase the investment attractiveness of regions. In addition, the introduction of "green" technologies and digital transformation can contribute to the sustainable development and integration of Ukrainian territories into the European economic system. An important aspect is also the development of human capital through educational programs and vocational retraining, which will ensure long-term growth and social stability in regions devastated by military actions.

Beneficiaries in the EU framework programs for research and innovation («Horizon 2020», «Horizon Europe»), European structural and investment funds

Problem setting. Nowadays, the issue of obtaining funding for scientific research, scientific and technical (experimental) developments is increasingly important. This practice is common, for example, in the EU. Many sources are offered: EU Framework Programs for Research and Innovation, European Structural and Investment Funds, etc. However, to understand the financing procedure itself, it is necessary to have some knowledge, including regarding EU legislation. First of all, attention should be focused on the terms, because this is the foundation, the alphabet. One of them is the beneficiary. It is found in many EU legal acts, but does not always have a fixed definition. Analysis of recent researches and publications. The main goal of the program or fund is to receive project funding. Foreign scholars focus their research in this area (for example, Mario J. Al Sayah, Pierre-Antoine Versini, Daniel Schertzer, Olatz Ukar Arrien, Marta Enciso-Santocildes). This situation is due to the fact that they have more modern and updated research infrastructures than Ukraine. Terms remain beyond their attention. However, there are isolated works with only the mention of the term in the issue without any analysis of it (for example, Glybko S., Kokhan V.). Purpose of the research is to clarify the term «beneficiary» in the EU Framework Programs for Research and Innovation, European Structural and Investment Funds. Article’s main body. An attempt is made to conduct a comparative analysis of the considered term in the EU Framework Programs for Research and Innovation («Horizon 2020», «Horizon Europe») and the European Structural and Investment Funds. Each of them has its own EU legal framework. However, only Regulation (EU) № 1303/2013 of the European Parliament and of the Council of 17 December 2013 laying down common provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund and laying down general provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund and the European Maritime and Fisheries Fund and repealing Council Regulation (EC) № 1083/2006, defines the term «beneficiary». Regulation (EU) 2021/695 of the European Parliament and of the Council of 28 April 2021 establishing Horizon Europe – the Framework Programme for Research and Innovation, laying down its rules for participation and dissemination, and repealing Regulations (EU) № 1290/2013 and (EU) № 1291/2013 refers to Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) № 1296/2013, (EU) № 1301/2013, (EU) № 1303/2013, (EU) № 1304/2013, (EU) № 1309/2013, (EU) № 1316/2013, (EU) No 223/2014, (EU) № 283/2014, and Decision № 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012, which defines the term «beneficiary». The EU Framework Programmes for Research and Innovation («Horizon 2020», «Horizon Europe») contain definitions of the types of beneficiary. It is the target final beneficiary and beneficiary of the Accelerator. The possibility of achieving synergy between the specified programs and the European Structural and Investment Funds is being investigated, if there are already differences regarding the definition of the term «beneficiary». Conclusions and prospects for the development. The author states the following conclusions according to the obtained results: EU legal acts do not contain a single vision for the same term «beneficiary». We believe that it is necessary to review this situation in order to achieve the synergy established in the Regulations (EU).

Management and Enforcement Theories for Compliance with the Rule of Law

Abstract Following the contemporary debate surrounding two alternative perspectives on compliance – enforcement and management – this article suggests an analysis through the lens of the rule of law crisis. Specifically, the financial and techno-managerial strategy developed by the EU for the indirect protection of the rule of law relies on mechanisms that combine characteristics from both the enforcement and management approaches. This article will identify these mechanisms, namely the European Semester, the Conditionality regulation, the European Structural Investment Funds and the Recovery and Resilience Facility, in order to determine their nature, features, and tools for ensuring compliance with the rule of law. The hypothesis of this article relies on the idea that the EU’s tools are characterised by a mismatch between the causes of the identified problems and the chosen solutions. Considering that the deployment of the above measures has not re-established compliance, the EU strategy toes between inducing rule conformity on the one hand and deterring rule of law violations on the other. However, it seems that only the former can restore the rule of law, as the latter is considered ill-equipped to reverse or at least halt instances of backsliding. This mismatch explains why the Justice Scoreboard, the Framework, and the Review Cycle with its Annual Report have not made any difference, and more generally, why management strategies are unfit for dealing with deliberate backsliding.1

Impact of Cohesion Funds on Convergence Club's Economic Growth

ABSTRACTThis paper empirically estimates the impact of the European Structural and Investment Funds (ESIF) on economic growth across European regions. The narrative of this paper is based on the convergence club hypothesis. In this context, we implement the data‐driven Phillips and Sul test to classify European regions into endogenously identified convergence clubs that tend to converge to different steady‐state equilibria. We find three substantially different convergence clubs in terms of both per capita output and spatial location: capital cities and metropolitan areas (along the so‐called “Blue Banana”), core countries, and the periphery. We observe a persistent core‐periphery pattern in terms of output per capita among European regions with different rates of convergence. The convergence club comprising capital cities and metropolitan areas converges almost four times faster than the rest of the EU. Subsequently, we estimate club‐specific growth regressions to investigate the impact of ESIF expenditures on short‐run economic growth. Our main identification strategy relies on two instrumental variables, namely the spatial lag of EFSI expenditures‐to‐GDP and the air distance to Brussels, to address a strong endogeneity problem in strongly biased relationship between ESIF expenditures‐to‐GDP and short‐run economic growth. Our results indicate a positive impact of ESIF expenditures‐to‐GDP on short‐run economic growth in the second (core) and third (periphery) convergence clubs, with the impact being twice as large in the latter compared to the former. These results remain robust when adjusting the growth regressions to use ESIF expenditures‐to‐population instead of ESIF expenditures‐to‐GDP, although the pronounced difference in effect magnitude among convergence clubs diminishes.

Adapting to climate change and the European Union pursuit of a just transition

The European Green Deal was launched by the European Commission (EC) in December 2019, before being formally approved in 2020. It comprises a package of policy measures that aim to set the European Union (EU) on the path to a green transition, with the ultimate objective of achieving climate neutrality by 2050. Despite the EU’s longstanding commitment to reducing carbon emissions in support of climate change mitigation and the achievement of its net zero ambition, this paper focuses on the growing importance of climate change adaptation within its policy portfolio. With respect to the latter, the long-term vision is for the EU to become a climate-resilient society that is also fully adapted to the unavoidable impacts of climate change. Achieving climate neutrality and a climate-resilient society by 2050 will be more challenging for some EU member states and regions than for others, eg poorer regions and those highly dependent on fossil fuels or with carbon-intensive industries that employ significant numbers of people. To address such issues, the EU has introduced a Just Transition Mechanism to help level the playing field and provide financial and technical support to regions most adversely affected by the move towards a low carbon economy. The paper traces the evolution of the EU’s climate policy agenda leading up to the adoption of the Green Deal, outlines its proposed road map in pursuit of climate neutrality and a climate-resilient society by 2050, and questions the efficacy of some its intermediate targets including the adequacy and equity of its just transition aspirations. It also details and scrutinises the key role that the European Investment Bank (EIB) will play in supporting delivery of the strategy.1,2

Adapting to climate change and the European Union pursuit of a just transition

The European Green Deal was launched by the European Commission (EC) in December 2019, before being formally approved in 2020. It comprises a package of policy measures that aim to set the European Union (EU) on the path to a green transition, with the ultimate objective of achieving climate neutrality by 2050. Despite the EU’s longstanding commitment to reducing carbon emissions in support of climate change mitigation and the achievement of its net zero ambition, this paper focuses on the growing importance of climate change adaptation within its policy portfolio. With respect to the latter, the long-term vision is for the EU to become a climate-resilient society that is also fully adapted to the unavoidable impacts of climate change. Achieving climate neutrality and a climate-resilient society by 2050 will be more challenging for some EU member states and regions than for others, eg poorer regions and those highly dependent on fossil fuels or with carbon-intensive industries that employ significant numbers of people. To address such issues, the EU has introduced a Just Transition Mechanism to help level the playing field and provide financial and technical support to regions most adversely affected by the move towards a low carbon economy. The paper traces the evolution of the EU’s climate policy agenda leading up to the adoption of the Green Deal, outlines its proposed road map in pursuit of climate neutrality and a climate-resilient society by 2050, and questions the efficacy of some its intermediate targets including the adequacy and equity of its just transition aspirations. It also details and scrutinises the key role that the European Investment Bank (EIB) will play in supporting delivery of the strategy.1,2

Comparative Perceptions Influence Actions on Climate Change Between Eastern and Western Europeans

Climate change is an important issue that countries worldwide are aware of and campaign to reduce. All parties must cooperate, whether the government, the private sector, individuals, etc. Many perception surveys have met the public's understanding and knowledge about climate change. Despite the odds, previous research supported environmental protection and sustainability in surveys, polls, and past research. However, the existing literary gap between intentions and actions and awareness and implementation has recently widened. The objectives of this research include comparing perceptions and climate change mitigation actions between Eastern and Western European countries because both regions are different, as well as searching for and comparing perceptions influencing climate change mitigation actions between them. The research adopts a quantitative methodology, emphasizing exploring secondary data from the European Investment Bank (EIB) climate change survey 2022–2023. It analyzed the data to compare the perceptions and actions of the two regions in mitigating climate change. The statistical tests included a t-test and stepwise multiple regression analysis to predict the influence of perceptions and actions on reducing climate change. The results showed that respondents' perceptions of climate change in Eastern and Western Europe were not significantly different. However, there was a significant difference in the number of reduction actions taken by Western Europeans compared to Eastern Europeans. Perceptions of climate change catastrophes and serious government mitigation actions positively influenced actions in Eastern Europe. This study found that businesses' attention to mitigation and their perception of the catastrophic effects of climate change positively influence mitigation actions in Western Europe. The recommendations guided governments, policymakers, and businesses to take action to reduce climate change, motivating people's adequate perceptions and actions. Stakeholders communicating climate change's impacts on catastrophe should present true information with honesty and transparency. Doi: 10.28991/HEF-2024-05-03-03 Full Text: PDF

A time-space network-based model for transportation service optimization of China Railway Express

This paper describes the development and optimization plans for the China Railway Express (CR Express). As a new type of international land transport organization, CR Express has emerged with the continuous expansion of China toward European investment and trade, and in particular, has expanded with the continuous progress of the One Belt and One Road (OBOR) initiative. In addition to improving the service quality of CR Express, the operating costs must be reduced for developing “smart railways” that serve “smart cities”. We propose a dual-objective-based function mathematical optimization model; the satisfaction of the cargo owner is considered, and the timeliness, transportation capacity, and goods category constraints of CR Express transportation are designed. Moreover, we present the normalized equivalent method of the two-objective function of the model. Finally, a case study is conducted against the background of certain trains in the western corridor of CR Express to validate the effectiveness of the model and research methods proposed in this study.

Digitalisation and high-growth enterprises in Europe

ABSTRACT The profound implications that digital technologies have for business dynamism and the competitive environment have raised the attention of policy makers and scholars. This paper examines the link between digitalisation and firm growth, and investigates whether high-growth enterprises (HGEs) invest and adopt digital technologies differently than non-HGEs. Using the European Investment Bank Investment Survey and Generalised Least Squares as well as random-effects probit models, we find strong complementarities between different digitalisation indicators. Furthermore, firms investing in digitalisation are more likely to exhibit rapid employment, sales and labour productivity growth. Our results also highlight the heterogeneous nature of the digitalisation process and its relationship with firm performance.

What are the impacts of Cohesion Policy on the trade-off between employment and productivity?

ABSTRACT This paper examines the heterogeneous effectiveness of European Union (EU) Cohesion Policy in fostering regional growth, considering the potential trade-off between productivity improvement and job creation. By analysing the impact of European Structural and Investment Funds on regional development at the NUTS-2 level, the study contributes to the literature on productivity and employment trade-offs at the regional level. A novel empirical approach, based on a multi-input multi-output transformation function, is employed to explore the differing impacts of EU Cohesion Policy on gross domestic product (GDP) per employee and employment rate. The findings suggest that there exists heterogeneity (across different funds and regions) in the effects of Cohesion Policy on the trade-off between employment and productivity. Striking a balance between productivity-boosting investments and job creation is crucial in ensuring sustainable economic development and social inclusion and in reducing regional disparities.

Green and global? A policy frame analysis of the European Investment Bank’s re-branding from 2018–2023

ABSTRACT This article examines the European Investment Bank’s (EIB) positioning and response to reforms in the European development financing landscape. These reforms aimed to enhance the role of Development Finance Institutions in promoting external investment, threatening the EIB’s privileged access to EU budgetary resources. The EIB responded by creating “EIB Global” and rebranding as the European climate bank. Through framing analysis, this article studies the EIB’s discourse supporting these reforms. It concludes that in striving for institutional survival, the EIB has unintentionally created a situation in which its development and green finance mandates now compete for attention.

Multilateral financial flows and state–business relations in Morocco

ABSTRACT Political economy explanations of regime resilience often look at domestic support bases and patronage systems. Foreign aid to the state is seen as a direct form of propping up regimes. This article attempts to track the flow of foreign assistance to one part of the domestic support base of a regime, namely the economic elite, thereby making a connection between domestic explanations and foreign support explanations of regime resilience. The core argument of this article is that multilateral financial flows from Western dominated institutions may preserve regimes in the Middle East and North Africa. Multilateral flows from the World Bank Group, the European Investment Bank, and the European Bank for Reconstruction and Development went to regime insiders and thus potentially strengthened existing economic elites during the time in which the former Islamist opposition party led a coalition government. I draw on the linkage dimension of Levitsky and Way’s model to show the importance of specifying the nature and destination of multilateral financial ties with Morocco’s private sector. This contribution helps us link the international dimension to the domestic political economy. It thus potentially adds to our understanding of monarchical regime resilience post-Arab Spring by highlighting how multilateral financial institutions support an important part of the economic elite.

PUBLIC INVESTMENT, ECONOMIC GROWTH AND EFFICIENCY

The definition of public investment is not as clear and precise as it may seem. Often, public investments are described as public expenditures that contribute to the stock of physical capital, encompassing tangible assets such as properties (excluding land), buildings and other structures (e.g., roads, airports, hospitals, schools, telecommunication structures, government buildings, bridges, etc.), machinery, transportation equipment, and intangible assets like intellectual property (OECD, 2016). Therefore, public investment is the allocation of funds that result in the growth of the aforementioned items. Public investment can be viewed as a political tool in the hands of a government, capable of altering or determining the course that a country's economy and other aspects of life will take. Governments utilize public investments to respond to a variety of challenges over time, addressing global issues such as climate change and local problems like periods of economic decline, diverse demographic trends, rapid urbanization, or adaptation to new technologies. As emphasized by the European Investment Bank, "properly functioning infrastructure networks are the backbone of flourishing economies" (European Investment Bank, 2010). Public investments are integral for economic and social prosperity, contributing to the national capital stock by allocating resources to essential basic infrastructure, education, research and development, thereby leading to increased productivity and improved living standards. The aim of this article is to analyze the role of public investments in the economy in addressing contemporary challenges.

КОНЦЕПТУАЛЬНІ ПРОБЛЕМИ ЗМІСТОВНОЇ ІНТЕРПРЕТАЦІЇ ДЕРЖАВНО-ПРИВАТНОГО ПАРТНЕРСТВА

It has been established that there is still no generally accepted and established definition of public-private partnership in both foreign and domestic literature. In some definitions, the conditional uncertainty of the essence of this concept is deliberately embedded. Thus, the European Investment Bank (EIB) defines a public-private partnership as an agreement between an institution representing public authorities and a private partner, intended for the implementation of public infrastructure projects and public services within the framework of a long-term contract. Since this resolution does not record the nature of such agreements, does not indicate the principles of the relationship between the private and public sectors, then the EIB documents focus, first of all, on the fact that the private sector can receive financial benefits in two ways: payments are made by a state body to a private partner based on the diagnosis of the results of service provision (for example, road availability); the private partner is granted the right to receive revenue from the provision of the service (for example, to introduce and collect tolls for the use of roads). The definitions of the World Bank and the Organization for Economic Co-operation and Development (OECD) are similar and emphasize that a public-private partnership is a long-term contract between the public and private sectors in which significant responsibility rests with the private sector in the field of management, as well as the private sector assumes most of the risks in the implementation of this project. The OECD also emphasizes in its definition the fact that the transfer of risk to a private partner largely depends on the effectiveness of such a project, and that the state's goals are aligned with the private sector's profit-maximizing goals. These definitions are quite cumbersome and detailed, but even they have not become universal and able to cover various options and forms of implementation of public-private partnership. The generalization of the existing approaches to the definition of public-private partnership was further developed, with the selection of three main interpretations: broad (implies the inclusion in the content of the concept of public-private partnership, various options for the interaction of the state and the private sector, aimed at solving any tasks in any spheres of social life); narrow interpretation (presupposes that within the framework of a public-private partnership, the state and business are united to implement a specific investment project regarding those objects that belong to the sphere of public interest and control, for example, related to the production and offer of any public good); contractual (related to the dual nature of the concept of public-private partnership, which involves not only its socio-economic essence, but also its legal one. With this interpretation, the public-private partnership is considered as a specific contract, the subject of which is various works on the construction and use of within the framework of this approach, the concept of public-private partnership is filled with various features and essential conditions of this specific contract, and the subject composition of the participants of contractual relations is also determined). Keywords: relations between private and public sectors, public partner, public-private partnership, private partner, project.

Balancing security and economics: domestic state-firm relations and investment screening mechanisms in Europe

In an era of intense geopolitical competition, concerns about the impact of foreign investments in strategic sectors of the European economy have led policymakers to review European investment screening mechanisms (ISMs). In doing so, European institutions and member states have to find a balance between security and economics, maintaining a favorable environment for potential investors while simultaneously protecting specific sectors that they deem important for European and national security. We argue that the existing structure of state-firm relations decisively shapes the institutional configuration of European ISMs at the national level. We identify two ideal-typical patterns of state-firm relations: Public governance and private governance ecosystems. We hypothesize that variations in domestic state-firm relations decisively shape the institutional configurations of European ISMs, and, more broadly, how European governments and firms navigate the trade-off between openness and protection of strategic assets.

European Structural and Investment Funds (ESIFs) and Regional Development across the European Union (EU)

This scoping review synthesizes the evidence from eleven key studies to assess the impact of European Structural and Investment Funds (ESIFs) on regional development across the European Union (EU), focusing on fund efficiency, regional disparities and convergence, governance quality, economic freedom, and fund management. A systematic search was conducted across multiple databases to identify the relevant literature published up to 2023. Eleven studies were selected based on the date published and their focus on ESIFs’ role in regional development, employing a range of methodological approaches including Data Envelopment Analysis (DEA), spatial econometrics, and multivariate analyses. The thematic analysis identified four main categories: Methodological Approaches in Evaluating Fund Efficiency, Regional Disparities and Convergence, The Interconnection between Governance Quality, Economic Freedom, and the Efficiency of Structural Fund Management, and The Absorption Capacity and Fund Management. The review highlights the importance of sophisticated analytical tools in evaluating fund efficiency, with DEA and spatial econometrics providing critical insights into fund management efficiency. Studies underscored the nuanced efficacy of ESIFs in reducing regional disparities, albeit pointing to the need for more targeted fund allocation. Governance quality and economic freedom emerged as pivotal factors enhancing fund management efficiency, suggesting the potential of governance reforms in optimizing ESIF allocation and utilization. Challenges related to fund absorption and management were illuminated, advocating for enhanced institutional management capabilities and the development of innovative performance indicators. The findings of this scoping review contribute to a deeper understanding of the complexities surrounding ESIFs’ impact on regional development within the EU. They underscore the critical importance of governance quality, economic freedom, methodological rigor, and strategic fund allocation in enhancing the effectiveness of ESIFs. The review calls for tailored policy interventions and the integration of national and European funding strategies to maximize the impact of these programs on regional development and SME support. Future research should continue to refine these methodological approaches and explore the causal effects of funding, to enhance our understanding of ESIFs’ efficiency in promoting regional development and convergence within the European Union.

EIB policy entrepreneurship and the EU’s regulation of Green Bonds

ABSTRACT This article investigates how the European Investment Bank (EIB) influenced EU policymaking by promoting Green Bonds as an asset class. The article argues that the EIB has been instrumental in formulating the EU’s recently agreed Green Bond Standard. The EIB’s expertise and successful coalition building later allowed it to put Green Bonds on the EU’s policy agenda and develop a blueprint for the EU’s rules. The article concludes by drawing implications about the conditions under which the EIB might be able to engage in policy entrepreneurship more generally.

The experience of identifying territorial units and managing the development of rural areas in the European Union and the directions of its use in domestic practice

The article is devoted to the generalization of approaches to the identification of territorial units and management of the rural areas development in the EU and the justification of the need for its use in domestic practice. It was established that several different approaches to the identification of rural territories and territorial units were tested during the nearly twenty-year preparatory period (typology based on a 1 km2 grid; typologies at the LAU 2 level, in particular the degree of urbanization, etc.; at the NUTS 3 levels, in particular urban-rural typology, etc.). which were improved and presented in the Methodological manual on territorial typologies. Today, this technique is basic in establishing the common statistical classification of territorial units (NUTS). It is summarized that cohesion policy is aimed at reducing regional disparities and promoting economic and social cohesion, as well as territorial convergence between EU member states, which has been carried out since the founding of the EU in 1957. In 1992, thefourth cohesion policy fund was created - the Cohesion Fund (FZ) - to finance projects to improve the state of the environment and transport infrastructure in member states where the GNP per capita is less than 90% of the EU average. It was revealed that the formation of the Just Transition Fund in 2021, which corresponds to the EU “green” transition paradigm, was an addition to the institutional architecture. It is argued that the European Structural and Investment Funds (ESIF) are the main financial instrument for supporting cohesion policy and include the following components: ERDF (European Regional Development Fund), ESF (European Social Fund), Cohesion Fund (FZ), European Agricultural Fund for Rural Development (EAFRD) and the European Maritime and Fisheries Fund (EMFF). The ERDF has been identified as the largest component of the ESIF, which focuses on promoting economic and social cohesion by investing in infrastructure, innovation and entrepreneurship. This Fund was found to support projects related to transport, energy, digital infrastructure, research and innovation, and the transition to a low-carbon economy. It is emphasized that this fund contributes to employment, social integration and development of skills of the population. The peculiarities of the cohesion fund, which provides financial assistance to member countries whose GNI per capita is below a certain threshold level, have been considered. It has been established that this fund supports large-scale infrastructure projects in the fields of transport, energy and the environment. At the same time, the EAFRD and EMFF funds support rural development and fisheries respectively, contributing to the overall objectives of cohesion policy. It has been proven that since 2013, the development of multi-year programs for the development of rural areas of the EU countries has been focused on six priorities of sustainable development: promoting the transfer of knowledge and innovations; increasing competitiveness; promoting the organization of the food production chain and risk management; restoration, preservation and development of ecosystems; increasing the efficiency of resource use and transition to a low-carbon economy; promotion of social integration, reduction of poverty and economic development in rural areas. The European Green Course, which aims to make Europe the first climate-neutral continent by 2050, is analyzed. As for agriculture and food, the Green Deal envisages measures to increase sustainability in land management, food production and consumption, in particular through measures that will be included in the strategic plans of the common agricultural policy. Activities and practical actions in domestic practice regarding the creation of conditions for the implementation of the European experience regarding the identification of territorial units and the readiness to participate in attracting financial allocations within the framework of current programs based on the implementation of regulatory and legal support and the ability to master the allocated financial funds in full have been determined. Key words: rural territories, territorial units, cohesion fund, green course, sustainable development priorities, structural funds.

The European Investment Bank in Sub-Saharan Africa: constrained expansion

ABSTRACT Exploring the European Investment Bank’s (EIB) largely unexplored external operations, this article provides the first comprehensive analysis of the EIB’s activity in Sub-Saharan Africa (SSA) from its inception in 1957 up to 2024. The contribution enriches the discourse on re-aligning the European Financial Architecture for Development, by outlining the EIB’s inter-institutional considerations and its policy implications for both EU and SSA stakeholders. The findings reveal a “constrained expansion”, shaped by a mix of enablers such as EU geopolitical interests and a financialization-centric vision of development, and constraints including the Bank’s risk-aversion and increased competition with other development finance institutions.

Chronicle 2023 on European Investment Law and Arbitration Developments

In 2023, major developments took place in the field of investment treaty arbitration. In this Chronicle I have selected a few major developments, which highlight the impact of EU law on international investment law and arbitration practice. The conclusion is that further significant developments can be expected during 2024, which will be covered by this Review. ECT, UNCITRAL Working, Group III, enforcement of awards, CJEU, domestic courts of EU Member States