EIB, Spain’s central bank hold event on digitalisation
The seminar included discussions on the main determinants and barriers to investment in intangible capital in SpainEuropost
The European Investment Bank and Spain’s central bank, Banco de Espana, jointly organised a seminar entitled “Digitalisation and Investment in Intangible Capital: the Spanish Case within the European Union“, on 4 November in Spain’s capital, Madrid.
At the event Banco de Espana Governor Pablo Hernandez de Cos and EIB Vice-President Emma Navarro, as well as speakers from the business world, various public and private sector organisations and academic institutions discussed recent developments, determinants and barriers to digitalisation and investment in intangible capital in Spain from an EU standpoint. A discussion on ways to support the digitalisation of companies and their investment in intangible capital also took place.
In the meantime, EIB presented the results of its latest annual survey on investment in Spain for this year. The report finds that Spanish investments continue to rise, although they are still below the European average. It also notes an increase in innovation, as well as a rise in investments in the companies’ production capacity. Uncertainty about the future however is highlighted as the main barrier to investment.
“There is a need to invest in digitalisation and intangible capital due to its importance for productivity and long-term growth. Europe cannot fall behind with this investment, which is vital for our future. Although Spain is improving in this regard, it still has a long way to go,” EIB Vice-President Emma Navarro highlighted.
The seminar also included a presentation on the main conclusions of the EU Investment Report, which is currently being prepared by the EIB and is to be released at the end of November. The report says that investment spending in the European Union has been rising in line with the economic upturn and is now around 10% above its 2008 level, thanks to substantial corporate investment and receding gaps in public sector and housing investment. Yet, the report states that European spending is still not enough to tackle current challenges and fostering innovation and digitalisation in European companies must be expanded.