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Puljiz: Entrepreneurs Will Be the Biggest Winners of the New EU Budget

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Jakša Puljiz was appointed director of the Institute for Development and International Relations (IRMO) in Zagreb at the beginning of summer, whose fundamental mission is the interpretation of contemporary international economic, political, and cultural relations and cooperation for sustainable development of interest for the development of Croatia. Prior to his appointment, he worked at the Institute as the head of the European Policies Department and led research focused on the processes of European integration, cohesion policy, and economic development, with an emphasis on the interests of the Republic of Croatia in a global and regional context, which is why he has established himself as an excellent interlocutor on topics related to European funds, their impact on our economy, and the opportunities arising from the new Multiannual Financial Framework (MFF) of the EU, or the new EU budget, whose draft was recently presented.

Data shows that our GDP has increased by 3.4 percent compared to last year. Of course, this is, among other things, due to public investments financed by European money. Therefore, my first question for you is: how would Croatia look today and how would it develop if we had less available funds from EU funds?

– There is no doubt about it, Croatia would look worse. The overall picture of the local situation would be different precisely for that part regarding how much less European funds would be available. Now we have a development model that is fueled by ‘EU funds’, which has stimulated economic activities, and this is now clearly visible in the GDP growth. If we had a crystal ball to imagine scenarios about what would have happened if we had not entered the EU, if we still had limited funds available as a candidate country, the difference would be enormous. Pre-accession funds have a limited scope, and those were the resources we primarily used to meet accession criteria and close certain chapters in negotiations. Only after five to six years in the EU did we start to feel the real consequences of membership in the Union more broadly, in economic results based on the impact of European funds. But then the COVID crisis happened, and in response to that, the Recovery and Resilience Mechanism was established, which provided even stronger fuel to the economic engine, which continues to have a very strong effect on overall growth.

However, that fuel also had collateral damage…

– There were unwanted effects. When you find yourself in a situation where you have so much money available, but with short deadlines for use, you as a country, of course, try to utilize as much of it as possible, and then negative effects arise, such as a sudden increase in construction costs, a shortage of labor, from workers on construction sites to designers, which in turn causes delays in project implementation and a decline in the quality of their execution.

In which areas have we faced the greatest difficulties?

– We have struggled the most with investment areas that relied on large infrastructure projects. For example, even with hundreds of millions of euros from EU funds, we have not been able to significantly change the situation in the railway sector. Many infrastructure projects have been drastically delayed, which is why the effects of investments in the quality of transport services still do not meet expectations in either passenger or freight transport. It remains completely unclear when the entire corridor from Rijeka to the Hungarian border will be modernized, which is a significant missed opportunity for the faster development of the domestic economy. A similar scenario exists in waste management. In twelve years of EU membership, we have not achieved the infrastructural prerequisites for the proper functioning of the waste management system.

The situation is somewhat better with water and communal infrastructure as more projects have been completed; however, we have also witnessed many delays and other problems in implementation. Unfortunately, we have not been institutionally well-prepared for managing large infrastructure projects. In water and waste, we have left the management of the most complex projects to local and regional self-government units, for which they did not have sufficient human, organizational, and financial capacities. The central level has thus created an alibi for itself under the guise of decentralization instead of defining the organization of project implementation from the perspective of optimal efficiency.

In addition to organizational deficits, we continue to face significant challenges with insufficient capacities for design and legal affairs that accompany the preparation of complex infrastructure projects. The situation in agriculture is particularly alarming, where despite all investments, we do not see enough positive changes. Moreover, in many segments, we are recording a decline in agricultural production. There are also many challenges in utilizing the European Social Fund, which primarily finances projects in employment, education, and social inclusion, raising many questions about the effectiveness of that substantial funding and its sustainability.

The Commission recently presented a draft of the new budget for the next financial period, which is expected to look somewhat different from all previous ones, and it is already clear that agriculture and cohesion will no longer be funded as generously, primarily due to investments in security and defense. What does this mean for Croatia?

– According to the existing proposal, Croatia should have more funds available from the MFF than before, around 16.8 billion euros compared to 14.4 billion euros that we have from 2021 to 2027. So far, the situation looks good, certainly better than expected; however, it should be taken into account that these are calculations in current prices, which means that part of the value will be eaten away by inflation. Additionally, in the new budget proposal, it is not entirely clear where cohesion and common agricultural policy begin and end, as the two individually most important policies, making it difficult to analyze changes more precisely with the current information. It is important to emphasize that the Commission’s proposal gives a much higher degree of freedom to member states in thematically directing total funds. Of course, all of this applies if such proposals are ultimately accepted.

What else can be read from the draft budget for the next period?

– The biggest change is that according to this proposal, there are no longer cohesion policy programs prepared by regions that negotiate directly with the EC. Instead, regions are directed to central state bodies for discussions and negotiations about investment plans. Thus, a kind of nationalization of cohesion policy is taking place. This is not a big change for us in Croatia because we do not have regional programs, but exclusively national-level programs.

The existence of only one investment plan per member state for different EU funds should theoretically ensure better complementarity of different funds, but also simpler implementation. A significant and important change relates to the change in the payment system of funds, adopting an approach from national recovery and resilience plans, NPOOs, according to which payments are made based on progress in meeting target indicators, rather than based on consumption or realized investments. This approach can bring new value in the area related to cohesion and agricultural policy, but it is not without challenges, as evidenced by the implementation of NPOO, where there are numerous questions about the actual achievements of the effects of implemented measures.

In the entire story about EU funds, the conclusion is, when you ask entrepreneurs, always the same: too little money has been allocated precisely to the real sector, especially to small and medium-sized enterprises for their development and investments. Will the new proposal for the European budget change that?

– It is true that too little has been invested in financing entrepreneurial projects, especially those for investments in production capacities or technology acquisition. Too little, I say, because we still witness calls for which entrepreneurs are very interested, and which have only been partially satisfied. IRMO recently evaluated part of the entrepreneurial projects financed by European funds during the COVID-19 pandemic, and it turned out that their results after co-financing with European money greatly exceeded what they committed to in their project applications.

And that tells us a lot.

– It tells us that there is a serious group of entrepreneurs in Croatia who were very brave to commit to investments in uncertain times. Funded projects have achieved excellent results: they have increased revenues, exports, and employment of entrepreneurs. Unfortunately, the contracted funds for entrepreneurs were significantly lower than the requested amounts, which shows that it is necessary to strengthen support for investment projects aimed at modernization and increasing production capacities.

What can entrepreneurs hope for regarding the new EU budget?

– They should be the biggest winners of the new budget, especially due to the launch of the new European Fund for Competitiveness, for which the Commission proposes an amount of 409 billion euros for the new period from 2028 to 2034.

So, entrepreneurs, prepare your projects! What kind?

– Demanding ones. The criteria will be extremely demanding because projects that clearly demonstrate European added value will be primarily financed, i.e., those that will have a trans-European dimension and directly impact the achievement of strategic EU goals such as strengthening the Union’s technological competitiveness in key technologies, enhancing strategic autonomy, decarbonization, and others. Consortia, partnerships of multiple companies from different EU countries will be key.

Do we already have such companies capable of applying for such tenders?

– Our biggest problem is that currently, there are very few such companies capable of applying for projects in a partnership environment that will meet such demanding conditions. Therefore, it is essential that as many companies in Croatia enter project partnerships, gain experience, and strengthen their operational capacities. We have a very good example of the ‘Strategic Partnerships for Innovation’ tender, which the Ministry of Regional Development and EU Funds announced at the end of 2023, which finances such a partnership approach of multiple companies. This is the best possible preparation for future tenders of the European Fund for Competitiveness.

Have we in Croatia managed to reduce regional disparities through cohesion policy and EU funds?

– Regional disparities in Croatia are relatively persistent, although according to some indicators, trends are improving. For example, when we look at wage dynamics, we notice that it is slightly better in less developed counties.

So, wages are rising in less developed Croatian regions. Isn’t that because most people there work in the public sector, so their wages are increasing?

– There are such counties. However, we see that wages have continuously grown faster since entering the EU, even in counties where the public sector is less represented in the economy, such as Međimurje and Krapina-Zagorje. Likewise, when we look at indicators such as the development index, we see that there is a slightly smaller number of units that have the status of assisted areas compared to previous measurements, which also supports the notion that disparities are slightly decreasing. The challenge is not only to reduce regional inequalities; often, success is to maintain the existing level of inequality because market forces simply tend to favor already developed regions. We in Croatia can be relatively satisfied with the dynamics of regional inequalities. Of course, it is still necessary to pay as much attention as possible to less developed regions and seek ways to accelerate their growth.

And some less developed areas have another serious problem, investments in financially unviable projects. How many such projects are there?

– The question of the financial sustainability of projects is quite complex and is not directly related to the level of development of a particular area, but it can certainly have more severe consequences for less developed areas if they face more projects that are not financially sustainable. Let us remember that European funds are planned for investments, not for maintaining facilities. Therefore, it is necessary to be very thoughtful in the project planning phase and consider the financial capacity of project holders to maintain the facilities and equipment financed from the funds. This will be a significant challenge for some local and regional self-government units in the future.

What have the evaluations of the results of cohesion policy funds shown so far?

– They have shown that we can be satisfied with the dynamics of progress in entrepreneurship and entrepreneurial infrastructure, energy efficiency, natural and cultural heritage, although with an open question of the sustainability of certain projects; then in the area of infrastructure investments in transport such as public transport and ports, and in the area of investments in employment and education. Fortunately, the rules for using European funds are flexible enough that we can compensate for the slowness in implementing part of the programs with additional projects in other areas, while respecting some conditions. The results of evaluations also clearly show that more resources need to be invested in the development of project ideas and their technical preparation to later reduce difficulties in project implementation and ensure a greater overall impact on development.

The capacities of a large number of investment holders are still too small in relation to the complexity of the investments they face. Our existing fragmented administrative system also complicates the implementation of larger and more complex projects and increases the challenges of coordinating numerous actors in the space. It is enough to look at railway projects and see the impact of consulting with many local self-government units on the pace of project preparation.

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