"Innovation financing in Europe" secondo Paolo Angelini

È stato pubblicato oggi il lavoro "Innovation and innovation financing in Europe" di Paolo Angelini, Vice Direttore Generale della Banca d'Italia, nella serie Policy Brief del SUERF (The European Money and Finance Forum).

L'Europa fatica a tenere il passo con i Paesi più dinamici, soprattutto gli Stati Uniti, a causa della bassa crescita della produttività. Poiché l'innovazione è uno dei principali motori della produttività, questa nota evidenzia alcuni aspetti cruciali legati all'innovazione e al suo finanziamento nel contesto europeo.

Abstract

Europe is struggling to keep pace with the most dynamic countries, the United States above all, mainly because of low productivity growth. As innovation is one of the key drivers of productivity, this column recalls some key facts about innovation and innovation financing in Europe. First, the EU is characterized by a relatively weak innovation performance; second, the low investment in innovation in Europe is certainly not due to insufficient domestic savings, which are abundant. Third, part of the problem may be due to the European financial system, that appears to be relatively less well-equipped to finance innovative, high-risk investment, due to structural features and low risk aversion by EU households. Fourth, in the EU the venture capital industry is relatively underdeveloped, but has begun to grow in the last 10-15 years. I conclude by briefly reviewing some key aspects of the Commission’s recently announced plans to foster innovation financing.

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