Should government investment be promoted
分析比利时及欧洲公共投资现状，论证其对经济活动和生产潜力的积极影响，并探讨在不损害财政可持续性的前提下促进公共投资的途径。
Public investment is currently at a low level in Belgium and in many other European countries. However, public investment has a very positive impact on economic activity and on an economy’s production potential. It is therefore advisable to boost that investment, though of course without impairing the consolidation of public finances necessary to safeguard their sustainability. The article offers an overview of public investment and the initiatives for promoting it. A first section analyses the components of public investment, describes the trend in that investment and compares the situation in Belgium with the European picture. A second section examines the macroeconomic impact of public investment and sets out numerous arguments explaining why that investment needs to be increased. The last section looks at the various possible ways of encouraging an increase in public investment, which is desirable in the current circumstances. The article ends with some conclusions. As regards the statistical treatment of investment under the ESA 2010 methodological framework, the basic rules are clear and it is not desirable to redraft them. As regards the application of the European fiscal rules under the Stability and Growth Pact, serious consideration should be given to revising the way in which public investment is taken into account, with a view to more favourable treatment of that expenditure. This could be done by replacing investment expenditure with the amortisation of public investment when determining the relevant budget balance.