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, These semi-structured interviews informed the direction and the discussion of the study, allowing us to both corroborate data from official documents and better understand the political intentions of policy makers and development bankers alike when formulating and implementing EFSI. However, they are not referenced in the analysis for the reconstruction of a narrative or a policy process, A list of interviewees is provided in the Appendix 1

, STS stands for simple, transparent and standardized, a new format of securitization the European Commission seeks to install to re-establish the possibility for capital relief for banks using this financing technique (see Kraemer-Eis, p.35, 2015.

, Development banks can usually fund their activities with a similar rating as their public owners

, the EC released a communication on 'making the best use of the flexibility within the existing rules of the Stability and Growth Pact' (European Commission, 2015c), clarifying how members' states and development banks could contribute to the Investment Plan without worsening their budgetary position with regard to the Pact. This was underlined by a 2016 fact sheet, This notion is reinforced by policy initiatives that align increasing investment and reducing debt levels. For instance, 2015.

, The rationale European policy makers have given for the EFSI correspondingly is that there 'is sufficient liquidity in the EU, but private investors are not investing at the levels needed due to a lack of confidence and uncertainty among other factors, 2015.

, already 18 NDBs had signed a Memorandum of Understanding to contribute to the Hub, see europa, 2016.

, This again leads to the notion of excess liquidity in contemporary financial markets that need development banking to be 'used efficiently' through 'the channelling of such liquidity towards the funding of viable investment projects', as the EU regulation on the Investment Plan states

, Toll goods, in contrast to public goods, introduce exclusion mechanisms to limit the access to public goods. One example is the introduction of highway fees for highways

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