Intro -- Contents -- Preface -- Acknowledgements -- Author Biographies -- Introduction -- References -- Part I - Outlook -- 1. Europe Needs More Public Investment -- 1.1. Recent Public Investment Trends in Europe -- 1.2. Infrastructure Has Declined Substantially -- 1.3. How to Support More Infrastructure Investment -- 1.4. Policy Implications -- References -- 2. Public Investment and Capital in France -- Introduction -- 2.1. The Net Wealth of Public Administrations -- 2.2. Evolution of Public Non-Financial Assets -- 2.2.1. The value of fixed assets remained constant

2.3. The Dynamics of Gross Investment -- 2.4. Net Flows of Fixed Assets Give Another (and Different) Picture -- 2.4.1. Since 2009, debt has not been used to finance an accumulation of assets -- 2.5. Assessing the Impact of an Investment Push in France -- 2.5.1. A quantification of investment needs for France -- 2.5.2. The macroeconomic impact of an investment shock -- 2.6 Conclusion -- References -- 3. Public Investment in Germany: The Need for a Big Push -- Introduction -- 3.1. The German Public Capital Stock -- 3.2. Quantifying Investment Needs

3.3. Macroeconomic Implications of a Public Investment Program in Germany -- Conclusion -- References -- 4. Public Investment Trends across Levels of Government in Italy -- Introduction -- 4.1. Public Investment in Italy -- 4.1.1. Public investments across regions -- 4.2. 2018, 2019 and 2020 Budgets: The Financial Resources for Public Investments -- 4.3. Conclusions and Some Policy Prescriptions -- References -- 5. Trends and Patterns in Public Investment in Spain: A Medium- and Long-Run Perspective -- Introduction

5.1. Trends and Patterns of Public Investment in Spain in the EU Context, 2000-2017 -- 5.2. Public Investment and Public Capital in Spain: A Long-Term Perspective -- 5.3. Conclusions -- References -- Part II - Challenges -- 6. In Search of a Strategy for Public Investment in Research and Innovation -- Introduction and Main Points at Issue -- 6.1. The EU in Depth -- 6.2. Public Investment -- 6.3. Final Remarks and Policy Considerations -- References -- 7. Social Investment and Infrastructure -- Introduction: The Welfare Lesson from the Great Recession

7.1. The Social Investment Life-Course Multiplier Effect -- 7.2. A Golden Social Investment Rule in the Stability and Growth Pact -- 7.3. A New Deal for Social Europe: Boosting Social Infrastructure -- 7.4. How to Invest in Social Infrastructure to Fill the Gap? The Creation of a European Fund for Social Infrastructure -- 7.5. Firms or Markets in Infrastructure Financing -- 7.6. The Role of State Investment Banks (SIBs) in Financing Social Infrastructure in the European Union -- 7.7. The Concept of "Public Value" and the Role of Social Action

The essays in this outlook collectively foster a broad approach to and definition of public investment, that is today more relevant than ever. Offering up a timely and clear case for the elimination of bias against investment in European fiscal rules, this outlook is a welcome contribution to the European debate, aimed both at policy makers and general readers.

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