Whereas a desirable shift has taken place from public to private investment in sectors essentially producing private goods and services, and there is a move toward public private partnerships in those which have both public good and private good aspects, it is necessary to recognise that public investment is essential in sectors producing public services.
This expenditure therefore needs an effective shield in the future, notably by allowing certain increases in investment when assessing compliance with the expenditure rule”. The European Commission made similar points in its own Review (EU Commission, 2020). 3/3  BIS central bankers' speeches