More public rescues for more private finance failuresWord文档格式.docx
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1.Introduction4
2.AssessingPPPs4
2.1Unbalancedandweakarguments4
2.2PPPs:
consumingpublicfinance5
2.2.1TransportinUK6
2.2.2PPPsincentralandeasternEurope6
3.PoliticalandfinancialproblemswithPPPs7
4.StaterescuesforPPPs7
4.1EUandGovernmentsupport7
4.2InternationalinstitutionslobbyforPPPs8
4.3Publicsectorguarantees,subsidiesandloans9
Table1EU:
publicassistancetoPPPs9
4.3.2EIB:
publicinterestratesforprivatecompanies9
4.3.3Financialengineeringtochannelpublicmoneytoprivatecontractors9
4.4The‘Keyactions’oftheCommunication10
4.5IMFwarningsignored11
5.TheroleofPPPsintheeconomicstrategyofEurope202011
5.1Economicandfiscalstrategy11
5.2Privatesectorfailuresininfrastructureinvestment12
6.Annex:
‘Innovative’financinginstruments13
6.1ThecosttopublicauthoritiesinEuropeandtheUSA13
6.2Greekdebtswaps13
6.3FinancialhavocforEuropeanmunicipalities13
6.4USA:
publicauthorities,bribes,andinnovativefinancialinstruments14
7.Selectedbibliography15
8.Notes16
PrefacebyEPSU
TheEuropeanCommissionhasovermanyyearspromotedPublic-PrivatePartnerships.TheCommissionseestheseasanefficienttooltospendpublicfunding.WiththefinancialcrisisinfullswingfundingforPPPsdriedupin2008andearly2009.PPPsranintodifficulties.TosupportprivatebusinesstheEuropeanCommissionpublishedaCommunication“DevelopingPublicPrivatePartnerships”inNovember2009.Itisafirstclasspropagandapieceforprivatebusinessratherthanabalancedaccountofriskandadvantagesofpublicprivatepartnerships.
TherisksofPPPswerehighlightedwhenAquiris,asubsidiaryofFrenchmultinationalVeoliaWater,chargedwithtreatingwastewaterinBrussels,homeoftheEuropeanCommission,stoppeddoingso,8December2009.Untreatedwaterof1.1millioncitizenspollutedtheriverZenneduring10dayswhenthecompanywasforcedtostartupoperationsagain.ResearchofCorporateEuropeObservatoryrevealedhowthecompanywasseekingmoremoneyofpublicauthorities,couldnotfulfillitscontractandhadbasicallyliedaboutitstechnologyinitsresponsetothetender.ButmoreworryingisthatBrusselsisnowlumberedwiththecontract.Pullingoutwillbeextremelycostly.CEOconcludesitsresearch:
“Behindthesespectaculareventsisthestoryofhowaprivatecorporationusedpublicmoneytodevelopanewtechnologywhichwillbesoldelsewhereforthecompany'
ssoleprofit(VeoliaWaterusedtheAquiriscaseextensivelyinitsmarketing,becauseasafeandmoreenvironmentally-friendlymethodtodisposeofwastewatersludgeismuchindemandatthemoment).Unfortunatelythisprovedtobeariskierbetthanoriginallyenvisaged,andthetwo”partners”ofthecostliestwaterPublicPrivatePartnership(PPP)inBelgiumnowfacemountainsofsludgewaitingtobetreated,pilesofdebtandabrandnewplantwhichhasstillnotbeenshownasuptothejob.”
WhenwelearnedthattheforthcomingEU2020strategywouldagainseektopromotePPPsEPSUdecidedtoaskPublicServicesInternationalResearchUnittocommentontheEuropeanCommission´
sproposalsintheearliermentionedCommunication.PSIRUhasresearchedandpublishedreportsonPPPsinEuropeandinternationallyoverthelastdecade,carriesoutinternationalstudiesliketheEU-funded€1.5millionWatertimeproject,andprovidesevidenceandadvicetopublicauthoritiesandelectedrepresentativesatalllevels.
ThisreportmakesclearthatPPPssuckuppublicfunding,increaseriskstopublicfinanceandingeneralareabadwaytospendtaxpayers’money.ItalsorevealstheextenttowhichDGInternalMarketispursuinganideologicalcoursetosuititscoreconstituency:
privatebusiness.AndnowBusinessEurope,theEuropeanorganizationforbigcorporations,wantsmorecorporatewelfare.Itpublisheditscallformorepublicmoneyforbigbusinesson15March2010inareportCombiningfiscalconsolidationwithsustainablegrowth:
AEuropeanactionplan.Itisafullscaleattackonpublicserviceworkers,onpublicpensionsandhealthcare.Butguesswhat–BusinessEuropearguesthatprivatebusinessshouldreceivefundingtorunyourhealthservice,childcare,drinkingwaterandallotherpublicservices.Andofcoursetreatyourwastewater:
oneoftheauthorsisakeyVeoliarepresentative.BusinessEuropedoesnotshyawaytopushitsagendaonyourMinistersforFinancewhichmet16March2010arguingthatiftheyarenotlistenedtoEuropewillgrindtoahalt.AndtodosoitpropagatesmythsonPPPs.ThisnewreportofPSIRUdebunksthesemyths.
OurconclusionisthattheEuropeanCommissiondoesnotpromotethepublicinterestwhencomingoutinforceinsupportofPPPs.ItshouldhaveafarmorecriticalandbalancedattitudeonhowprivatebusinessoperatesPPPs.ThisbalancecanpossiblyonlyberestoredifpublicprocurementandPPPsaremovedtotheEuropeanCommission´
sDGwhichdealswithconsumerprotection.Afterall,withtheProcurementdirectivesinplace,itisamatterofprotectingtheinterestsofcitizensoverthoseofcapital.
Butyoumightdisagree.Youmighthavecommentsonthereport.Youmighthavedoneresearchthatcontradictsthefindings.Pleaseinformus.Butequally,ifyouknowofcasesthatconfirmwhatisarguedinthereportpleasedonothesitatetosendittous.Itwillassisttheworkersinpublicandprivatecompaniesandinstitutionsdeliveringpublicservicestocitizenseverydayinoftendifficultanddangerouscircumstances.Becauseintheendourmembersandyouastaxpayerhavetosharetheburdenoffaultypublic-privatepartnerships.
JanWillemGoudriaan
EPSUDeputyGeneralSecretary
epsu@epsu.org
1.Introduction
InNovember2009theECpublishedaCommunicationon‘DevelopingPublicPrivatePartnerships’.
ThepaperdoesnotofferabalancedassessmentofexperiencewithPPPs,ortrendsinPPPsinEurope.Inparticular,itdoesnotaddressthewaythatPPPsreducetheresourcesavailableforpublicservicesbyabsorbingahigherproportionofspending.ThemainpurposeofthepaperisratherareviewofvariouspolicyinstrumentsoftheEU,focussedonthesingleoverridingquestionofhowthesecanbeusedtosubsidiseandcreatemorePPPsthanwouldotherwisebethecase.
ThisreportreviewsandcriticisestheCommunicationinanumberofrespects:
-Itsinadequateanalysisofexistingexperience
-ItsunbalancedattempttomaximisetheuseofpublicfinanceandpublicinstitutionstosupportPPPs,includinginparticularitsuseof‘innovativefinancialinstruments’
-TheemptinessoftheroleofPPPsinthe2020economicstrategy
-Thewiderproblemsofpublicauthoritiesusing‘innovativefinancialinstruments’
ThiscritiquefollowsanumberofotherPSIRUreportsonPPPs,whicharelistedinthebibliographyattheendofthispaper.
2.AssessingPPPs
2.1Unbalancedandweakarguments
Thesectionon'
thecaseforPPPs'
istoosuperficialandone-sided.Asthetitlesuggests,itonlysetsoutargumentsinfavourofPPPs,itdoesnotofferabalancedassessment.ArecentPSIRUpapersetoutananalysisoftherisksandimpactofPPPs,includinganumberofexamples.ThepresentCommunicationdoesnotmentionanysuchcases,(although7yearsago,aCommissionbriefingonPPPsdidacknowledgetheserisks,andgaveexamples).Theseproblemcaseshavecontinuedtoincrease.
∙ThepaperclaimsthatPPPsaremainlyon-timeandon-budget,butfailstoobservethatthisisbecausetheyarebasedonturnkeycontracts,whichrequiresuccessfulcompletionbeforepaymentsaremade-butatacostwhichis25%higherthannormalprocurement.
∙ItclaimsPPPsprovidebettervalueformoney,andquotestheresultsofaPPIAFstudyonwaterandenergywhichfoundevidenceofhigherefficiency-but(a)itfailstonotethatthePPIAFstudyfoundnoevidenceatallofincreasedinvestmentorlowerprices,sononeofthebenefitsofanyefficiencygainsgotothepublicsector,theyonlyincreaseprofits(b)thePPIAFstudyisonlyoneamongstmany,thegreatmajorityofwhichfindnosignificantdifferencesinefficiencybetweenpublicandprivatesectors.ThisisextremelydamagingforthecaseforPPPs:
astheIMFhasobserved,sincetheircostofcapitalisalwayshigher,theywouldhavetomakemajorefficiencygainsinoperationstoevenmatchthepublicsectoroption.
∙Theclaimthatthey'
spreadthecostoverthelifetimeofanasset'
istrivial-thisistheeffectofanyborrowingbygovernments,notonlythroughPPPs.Theclaimaboutrisk-sharingalsoneedsmorehardevidenceratherthananassertion-themanycaseswhereserviceshavebeencutortaxesincreasedmustbeexaminedaspartofafullassessment.
∙ThepaperprovidesnoevidenceforitsclaimforinnovationbyPPPs,yetthereisfreshevidenceconfirmingthattheprivatesectorspendslittleornothingonR&
Dincrucialsectorssuchaselectricity(seebelow).The2020economicstrategypaperalsoacknowledgesthatR&
DspendinginEuropeistoolowcomparedwithJapanandtheUSA“mainlyasaresultoflowerlevelsofprivateinvestment”
∙Thefinaltwopoints-thattheprivatesectorgetsacentralroleinplanninginfrastructure,andgainsexperiencethatisusefulforwinningprojectsoverseas-aretrue,butthesearebenefitstotheprivatesector,nottothepublicinterest.Thereisclearevidence,fore