The European Investment Bank (EIB) will present in a conference on 27 October research suggesting that the switch to the next-generation super-fast internet networks could require €200 billion of infrastructure investment.
EIB Vice President Plutarchos Sakellaris emphasised the broad consensus among leading economists from around the world about the importance of super fas broadband for growth. “Examination of how best to ensure sustainable growth in Europe over the next decades reaffirms the importance of tackling long-term structural challenges alongside the urgency of short-term problems,” he added.
University of Maryland Professor of Economics John Haltiwanger said that “healthy market economies constantly reinvent themselves as businesses adjust to changing economic conditions”. He emphasised the importance of financing start-ups and high-growth businesses as “essential to fostering innovation, job growth and productivity".
The Commission recently announced an ambitious €50bn plan for development of broadband in Europe, recognising the necessity for a high level of public sector financial support. EIB research stipulates that in order to properly tackle this issues as much as €200bn may be needed.
The conference will further examine the details of projected implementation costs of super fast internet to achieve targets set out in the Digital Agenda. The size of the public sector support needed will be examined within the framework of the Digital Agenda.
The main issue for future will be ensuring long-term growth productivity in Europe and global competitiveness for future generations.