EIB President at Davos: Inclusive growth at the heart of Europe’s competitiveness
On 18 January 2017, the European Investment Bank (EIB), the World Economic Forum and Bruegel announced their “Europe Inclusive Growth and Competitiveness Lab” initiative at the “Europe Roundtable: Fostering Inclusion and Competitiveness” in Davos.
The newly created lab wants to seek out all the ways in which productivity and competitiveness can be enhanced, whilst deepening inclusion and cohesion.
EIB President Werner Hoyer said in his opening remarks at the roundtable: “It is very important that this Europe Lab initiative goes beyond high-level analysis: it’s about working together to build up and share a great knowledge base of practical actions that can be pursued at all levels.”
Determined reforms, patient investment
According to the EIB President, Europe faces long term, structural challenges to restore its competitiveness while maintaining and strengthening inclusive societies - challenges that require a mixture of determined reforms and patient investment.
The EIB Group plays a key role through its investment in infrastructure, the digital economy and innovation. The President highlighted in particular support for SMEs, which in 2016 received record financing from the EIB Group - with more than a third of investment directed at what the president called the "backbone of the European economy."
“Competitiveness and inclusiveness have to be seen as complementary, and should be addressed in parallel. This is crucial for understanding the way forward for Europe today,” President Hoyer concluded.
The EU bank promotes economic and social cohesion as one of the principles that guide its activities. EIB’s investments support the delivery of the Europe 2020 strategy for smart, sustainable and inclusive growth.