Rola innowacyjnych instrumentów finansowych w Planie Inwestycyjnym dla Europy
The role of innovative financial instruments in the Investment Plan for Europe

Summary/Abstract: This article aims to analyze Investment Plan for Europe, with particular emphasis on the role of financial markets and financial instruments conducive to mobilizing private capital. An assessment of opportunities and risks arising from the use of innovative financial instruments has been given. Particular attention was paid to the so-called. „SME window”, ie. a part of the Plan which focuses on supporting small and medium-sized enterprises. The design of the financial instruments arises from earlier regulations on financial instruments in 2014-2020. The analysis of official publications and EU legislation leads to the conclusion that the term „innovation” with respect to financial instruments appears to be the case when the purpose of the support is mainly the involvement of private capital (eg through risk sharing) and the use of leverage in order to maximize the economic efficiency of public funds. Innovative financial instruments will provide a new and important source of investment financing, supporting long-term sustainable investments in times of budget constraints. They will also allow for the reduction of barriers to access finance, which are particularly severe for SMEs and the so-called start-ups.

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