EU Cultural and Creative Sectors Guarantee Facility


Just by chance I happened to read this article in Art@Law:


It says:

On 30 June 2016, the European Commission and the European Investment Fund (EIF) launched a €121 million guarantee initiative, the “Cultural and Creative Sectors Guarantee Facility”, to support small and medium enterprises (SMEs) in the cultural and creative sectors via financial institutions.

read more

MY QUESTION WOULD BE: will it really benefit those that need it the most, or are the big players going to get the lions share (or, as usual, hog it all)?

to put this into perspective, it is reported by the NY Times :
European authorities have authorized handing 7.5 billion euros, or $8.4 billion, in bailout aid to Greece, which will allow the country to keep paying its bills in the coming months.…/greece-debt-crisis-euro.html
This is roughly 61.983 times the guarantee (not a grant or a loan) the EU Commission has launched to support the Cultural and Creatives Sector. I just hope it winds up in the right places.

Consider this (yes, it is a 44 page paper to read, so take a deep breath)



The Executive Summary outlines what the paper is all about:

Arts and culture are important to state economies. Arts and culture-related industries, also known as “creative industries,” provide direct economic benefits to states and communities: They create jobs, attract investments, generate tax revenues, and stimulate local economies through tourism and consumer purchases.
These industries also provide an array of other benefits, such as infusing other industries with creative insight for their products and services and preparing workers to participate in the contemporary workforce.
In addition, because they enhance quality of life, the arts and culture are an important complement to community development, enriching local amenities and attracting young professionals to an area.

For more information about NGA and the Center for Best Practices, please visit John Thomasian, Director NGA Center for Best Practices 444 N. Capitol Street, Suite 267 Washington, DC 20001 202.624.5300

So I am mixing apples and oranges – a EU Commission decision and a US National Governors Association paper (that I am sure has a counterpart in the EU somewhere, I just haven’t found it yet). The bottom line is that The Arts & Culture Sector provides great economic advantages, and in this they all seem to agree, but when it comes to acting on it there is very little that actually filters down to those that matter the most. Though the EU initiative is supposed to target “small and medium enterprises (SMEs) in the cultural and creative sectors via financial institutions.”

Since Art@Law is a British publication, I found the last sentence sort of ‘entertaining’:

What this facility will mean for the UK following the referendum is not clear at this stage and will remain uncertain until the terms of Brexit are fully negotiated.  It would be a significant loss for the British art market if the results of Brexit mean that facilities such as this one are no longer available at a time when they are needed more than ever.

To find out more information on the facility please see here.


~ by ottorapp on August 2, 2016.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: