"While monetary policy is close to the limits of what it can achieve, consensus on a more active fiscal policy is still lacking. Indeed, on the political front, Europe stands at something of a political crossroads, facing growing social, economic and political challenges. Efforts are now focused on pragmatically advancing on key common priorities. The urgency and ambition with which this co-operation proceeds will be critical to success.This paper largely relies on the publication European Investment Bank: Investment and Investment Finance in Europe: Financing Productivity Growth, 2016, available at http://www.eib.org/about/economic-research/eib-investment-report.htm."

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