##ska for their contributions. 2. see sandbu, m. ( 2022 ), “ the investment drought of the past two decades is catching up with us ”, financial times, 20 july. 3. see bankowski, k., bouabdallah, o., domingues semeano, j., dorrucci, e., freier, m., jacquinot, p., modery, w., rodriguez - vives, m., valenta, v. and zorell, n. ( 2022 ), “ the economic impact of next generation eu : a european perspective ”, occasional paper series, no 291, ecb, april. 4. see furman, j. and summers, l. ( 2020 ), “ a reconsideration of fiscal policy in the era of low interest rates ”, brookings institution, 30 november. 5. european central bank ( 2017 ), “ the composition of public finances in the euro area ”, economic bulletin, issue 5. 6. the governance of public investment is key to its effectiveness. notably, this depends on the quality of central public investment management, the governance of public - private partnerships and cooperation between central and local public administrations. see manescu, c. b. ( 2021 ), “ public investment management in the eu : key features & practices ”, discussion paper, no 154, european commission, december. see also melina, g., yang, s. and zanna, l - f. ( 2014 ), “ debt sustainability, public investment, and natural resources in developing countries : the dignar model ”, working paper series, no 14 / 50, international monetary fund. this paper shows that with a higher level of investment efficiency, the outlook for debt sustainability improves. 7. see, for example, martino, r. ( 2021 ), “ public investment, convergence and productivity growth in european regions ”, working paper series, no 2019 / 21, universita degli studi di firenze ; de jong, j., ferdinandusse, m., funda, j. and vetlov, i. ( 2017 ), “ the effect of public investment in europe : a modelbased assessment ”, working paper series, no 2021, european central bank ; abiad, a., furceri, d. and topalova, p. ( 2015 ),

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