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Financial Instruments for ESIF in 2014-2020

Hanna Dudka, Rachel Lancry

The Multiannual Financial Framework has placed an emphasis on the need to increase use of financial instruments in delivery of all policy areas in 2014-2020, including cohesion policy. Building on the experience of previous programming periods, the legislation for 2014-2020 has therefore introduced a number of innovations aimed at optimising and simplifying use of financial instruments to deliver European Structural and Investment Funds (ESIF) in future. Nevertheless, changes to legislation cannot alone lead to improvement. They must be accompanied by careful consideration of the role financial instruments can and cannot play in the cohesion policy context, as well as of their optimal scale. A better understanding of expectations for leverage and of management costs and fees applied for financial instruments operating in a cohesion policy context can also help to address certain criticisms which have been made regarding the delivery of financial instruments in previous programming periods.


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