Communication Dans Un Congrès Année : 2019

Cohesion Policy and SMEs : Boosting the absorption of EU Cohesion Policy Funds through Financial Engineering Instruments

Résumé

Strengthening the use of financial engineering instruments (FEIs) both during the programming period 2007-2013 and the current 2014-2020 has provided a valuable contribution towards increasing the effectiveness and efficiency of the available EU cohesion policy budget achieving through the recycling of Structural Funds resources to promote their sustainability and through co-operation between public and private sector, mobilization of additional funds and dissemination of experience and know-how between Regional and national authorities, financial intermediaries and final beneficiaries. Additionally, compared to traditional grants, FEIs have led to a better use of public resources and limitation of dependence between final beneficiaries and public support as funding must be repaid and guarantees must be released or in case of investments in equity must be returned, a fact that has corresponding impact to the behavior of the final recipients. Taking into account that the available budget for cohesion policy after 2020 is limited due to the forthcoming exit of United Kingdom from the E.U., further use and utilization of FEIs concentrates those desirable characteristics to offset the limited availability of cohesion policy resources through leverage and mobilization of additional public or private co - funding. However a necessary prerequisite besides the need for less, shorter and clearer rules in front of the new framework for Cohesion Policy of period 2021 – 2027, is the enrichment and adjustment of FEIs both to the needs of enterprises and financial intermediates in order to make the disposal of cohesion policy resources more rapid and more efficient. Additionally as it noted in OECD’s report it is necessary to enlarge the range of financial means that are available to SMEs and entrepreneurs, in order to be able to continue play their role in investments, development, innovation and employment. The purpose of this article is to highlight and enrich FEIs, with tools and procedures more accessible and flexible to daily needs of enterprises such as factoring and focused to smaller scale investment needs such as leasing in order achieve flexibility and ease of access of SMEs to EU funds for cohesion policy and in parallel quicker absorption of them.

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hal-04972714 , version 1 (01-03-2025)

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Georgios Mr Papapastamatiou, Eleftherios Mr Podimatas, Vassiliki Dr Delitheou. Cohesion Policy and SMEs : Boosting the absorption of EU Cohesion Policy Funds through Financial Engineering Instruments. 59th ERSA Congress Cities, regions and digital transformations: opportunities, risks and challenges 27 – 30 August 2019, Lyon, European Regional Science Association (ERSA), Aug 2019, Lyon, France. ⟨hal-04972714⟩
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