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"Germany is a digital wasteland and this has an impact on our competitiveness," Werner Hoyer, President of the European Investment Bank, told a Luxembourg seminar on Monday at a seminar on European institutions. . Hoyer has given Germany the example of the need for Europe to increase its investments to regain its competitiveness on a global scale.
"In Germany, there is no digitization of the relationship between public services and the citizen," he said. "Addressing a problem in Germany without having to go to the service in question and losing many hours of waiting is an unprecedented situation," he said.
Hoyer pointed out that "Europe has invested on average 1.5% of its GDP less than its direct competitors" and must therefore "accelerate innovation" not to "miss a huge market opportunity" .
The ideal, stressed the president of the EIB, would be to invest about 3% of GDP each year. But for now, the European investment is about 2%. In addition, Hoyer explained that it was not just about investing in infrastructure or scanning. A "holistic approach" is necessary because, without sufficient human resources to take advantage of infrastructure, competitiveness does not increase.
Hoyer even speculated that the "complacency of Western Europe" and his competitive position made him worried: "It's not because we built the best cars in the past that we will stay at the top, we must accelerate in Europe, I do not see me nervous, "he risked.
The lack of investment in the European area has prevented the growth of potential GDP, implying that the long-term growth of European economies should be very low.
According to EIB figures, an additional investment of EUR 400 billion would be needed each year to address the shortcomings of the EU-27. It is estimated that the investment gap is larger in the area of innovation (about 160 billion), but there is a shortfall of 155 billion in energy investments and 88 billion in sustainable infrastructure.
As the slowdown begins to materialize, which is already visible in the third-quarter GDP data, warning voices have multiplied. According to Eurostat, growth in the euro area slowed to stand at 0.2% between July and September on a quarterly basis, its lowest level in four years. And with Brexit still without a definitive solution in sight, the tone among the highest representatives of the European institutions is worrying.
Portugal among the countries that make the most of the EIB
On Wednesday, the EIB will release the report on investment in 2018. But the vice president of the bank for business, said Portugal, compares well with other countries with regard to the use of EIB financing.
According to Emma Navarro, last year, project financing in Portugal amounted to nearly two billion euros, which represents 1% of GDP. This ratio is similar to that of Spain, which places the country in the group of those who traditionally receive more funding.
Hoyer explained that the fact that the countries that suffered the worst consequences of the financial and economic crisis – such as Portugal or Greece – are at the top does not reflect a preference given to project financing in these economies. The President of the EIB has ensured that the first criterion for awarding funding is "always quality".
However, he explained that EIB financing could be associated with other European services (eg through Structural Funds funds) and improved with good advice. These three components were "essential for the empowerment of these countries," he acknowledged. "Portugal is a success story and Greece will be another story," he said.
In Luxembourg, at the invitation of the European Investment Bank
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