The role of EU national development banks in stimulating inclusive and green growth

The private sector is often incapable to finance and sustain small firms, innovative companies and infrastructures because the private financial system is pro-cyclical. In this article, Stephany Griffith-Jones argues that developing National Development Banks in the EU, with clear mandates aimed at maximizing their social impact and not profits, would help to create a financial system that better serves the needs of the real economy and the society.