The CCIC project will attempt to identify Innovative Financial Instruments (FIs) among the CCIC partners, which local and regional authorities utilise in support of particular public policies, or through which innovation among external stakeholders is stimulated. In addition to that, it will also seek to identify how local policies and practices – existing or in preparation – could benefit from already available instruments on national or the EU level. Any such identified financial instrument (or specific policy) will need to be managed (implemented) by the local or regional authority, or by a body explicitly appointed by the local or regional authority, and which is accountable to the appointing authority.
FIs are an interesting target for analysis especially in the context of determining how each instrument contributes to (or is affected by) public finances management.
EU instruments, which are closely related to innovation stimulation and implementation, such as JEREMIE, JESSICA and JASPERS, among others, are frequently of interest in the process of innovation policy planning and the implementation of specific measures. As such, this thematic group could explore good practices based on the measures adopted in utilizing opportunities from the aforementioned instruments, but NOT the instruments themselves. The local or regional implementation of a specific instrument, as well as the public value added resulting from such implementation, may be presented and discussed during the thematic group meetings.
Specific questions to be answered within the Thematic Group of FIs include:
- How was the financial instrument (FI) or policy set up? Who initiated it, and what was the key motivation? Was that instrument meant to address a specific gap in policy implementation, or was it meant to introduce new possibilities?
- Who (and what) are the beneficiaries of the FI? What are their respective benefits?
- What kind of public (financial) “transactions” are covered by the FI? Has there been a change, and what, in how these transactions are monitored and “controlled”? If yes, how has this change influenced the effectiveness of the FI?
- How is that instrument structured? What are the responsible management bodies and lines of accountability?
- What are the key (social, political, economic, technological, managerial, etc.) issues the FI is addressing?
- How does this instrument represent a significantly new approach to tackling the target problem?
- How is the financial instrument being evaluated (if at all necessary)?
- What are specific indicators to judge the FIs success or failure? What measures are being taken in either case?
- Has the instrument been redesigned since its inception?
The TG of Innovative Financial Instruments is led by the Birmingham City Council. In December 2012 a study visit took place in Birmingham where several good practices in the field of Innovative Financial Instruments were presented, including some field trips. For more information on this study visit, please read the article in this newsletter concerning “Birmingham Study Visit – A city council in transformation”.