Let me briefly add that Europe is not the only source of risk, as there are, e.g., major fiscal challenges in US, which could come to a head early next year. The jury is still out on these questions, but investor concerns seem to be rising again, especially with respect to the credibility of fiscal consolidation plans in Europe.
Such patterns are even more visible when considering EU funding opportunities for social policies, education and training.31 Under the European Fund for Strategic Investments plan, for example, CESEE economies have only been able to attract less than 5% of total funding allocated to social infrastructure projects. This means two things.