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Sovereign Wealth Funds and Long-Term Investing$
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Joseph Stiglitz, Patrick Bolton, and Frederic Samama

Print publication date: 2011

Print ISBN-13: 9780231158633

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231158633.001.0001

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PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 22 October 2019

Financing Long-Term Investments After the Crisis

Financing Long-Term Investments After the Crisis

A View from Europe

Financing Long-Term Investments After the Crisis
Sovereign Wealth Funds and Long-Term Investing

Franco Bassanini

Columbia University Press

This chapter presents the keynote address of Franco Bassanini during the October 2010 conference “Sovereign Wealth Funds and Other Long-Term Investors: A New Form of Capitalism?” held at Columbia University. In it, he discusses the impact of the 2008 crisis on the public finances of industrial economies. He calls for the need to adopt a new regulatory framework, friendlier to long-term investment, at the national, regional, and global levels. He argues that European road map for stable and durable growth depicts a major program of long-term investment. Pending budget constraints prevent most European countries from financing this investment with public resources. Therefore, Europe needs to attract long-term private and public-private capital from global markets. The EU should set up a special agenda, including a revised regulatory, accounting, and fiscal framework for long-term investment in strategic sectors.

Keywords:   Franco Bassanini, European economy, 2008 financial crisis, long-term investment, sovereign wealth funds, SWF, keynote address, speeches

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