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Europe is neither a deus ex machina nor a scapegoat, but can make a real difference to European citizens in their daily life. Those citizens are the real stakeholders in the European story. Europe has proven that it can realize what was considered by many as impossible. The internal market and the euro have become feats that others envy. Processes can be slow and errors have been made, such as the decoupling of monetary and economic policy, but the European project has proven to be solid and able to navigate through turbulent waters and crises. Moreover, crises often appeared to act as an accelerator for the European integration process. COVID-19 is a prime example. The next-generation project is an unprecedented injection into the real economy. Financing through European loans would never have been possible without COVID-19. Other examples, such as space policy and the monetary union, showcase Europe's standing on the world stage. However, Europe is under attack. Populism and nationalism are rampant, the United Kingdom has left the Union and public confidence in Europe is waning. How should it move forward? With that question, the author takes the reader behind the scenes and delves into the story of Europe: a story of ambitions and illusions. With his unique, personal insights from his experiences working in European institutions, he explores the future of Europe and proposes twelve priorities for action at a European level, which he calls the 'Twelve Labours of Hercules'

Financial Management in Practice aims, as the title suggests, to go beyond a classic academic approach to financial management, by illustrating theoretical insights with concrete cases. The book is structured according to this ethos of practicality. Beginning with a description of the current banking and entrepreneurial landscape, the book proceeds to examine the basic concept of financial management. The business plan and financial plan then become the working tools in the author's search for optimal financing and in determining the value of the enterprise. This is followed by an analysis of all forms of debt financing. Subsequently the book examines mezzanine financing and formal and informal venture capital, including business angels and crowdfunding. This form of financing requires another reading of the business plan. The central focus is no longer on the repayment capacity, but on the potential added value to the investment. Of course, this also applies to initial public offerings, which are discussed later on. The book concludes with a review of the Basel Accords, from the point of view of the entrepreneur. With this, the author provides ammunition for managers confronted with banks or venture capitalists who claim that some actions are not possible because of Basel

This paper highlights the importance of business angel networks, as a tool of stimulating an entrepreneurial culture and small business financing. It also sheds light on current practices and the dimensions of business angels in Europe. A study made in 1998 for the European Commission suggests that the potential for investments by business angels is estimated to be between 10 and 20 billion € [Euro] per year. This can be compared with the 3 million Euro in seed and startup investments made in 1999 by the venture capital industry. A remarkable difference, which deserves further attention. This particular inquiry includes a brief benchmarking exercise on informal private investor networks, known as business angel networks. The background for this study is the underlying thesis that the potential for investments through business angels is insufficiently developed. Implications for policy makers and future research are discussed.

International audience ; We evaluate whether government intervention through the subsidization of business angel networks enhances regional economic growth. We show that, firstly, BANs reduce the information and financing problems entrepreneurial companies face. Secondly, these companies contribute to economic development and growth. Thirdly, there are positive indicators of future potential, such as an upward evolution in value creation and ability to raise follow-on financing. Finally, the programme has many positive indirect effects. This leads us to tentatively conclude that public BAN support is warranted. However, to make this conclusion more robust requires a longer-term evaluation.

We evaluate whether government intervention through the subsidization of business angel networks enhances regional economic growth. We show that, firstly, BANs reduce the information and financing problems entrepreneurial companies face. Secondly, these companies contribute to economic development and growth. Thirdly, there are positive indicators of future potential, such as an upward evolution in value creation and ability to raise follow-on financing. Finally, the programme has many positive indirect effects. This leads us to tentatively conclude that public BAN support is warranted. However, to make this conclusion more robust requires a longer-term evaluation.