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GENTRIFICATION Definition, Types of Intervention, Towards more financial stability and European integration: the role of Definition, Types of intervention, Concerns of Gentrification the European Investment Plan Concerns Helen KAVVADIA Abstract

Senior Adviser European Investment Bank

By Mr. George-Sp. C. ATHANASOPOULOS

Since the establishment of the single monetary policy and introduction of the euro, it is Harvard University, Graduate School ofintegration.

Design, Student, pertinent to investigate the link between financial stability and European

By Mr. George-Sp. C. ATHANASSOPOULOS Architect

Is there a complementarity between the two or are financial and of integration a Student of stability the School Architecture contradiction in terms? In other words, isn’t a search for a highly integrated financial Technical University of Crete system that would strengthen stability a bit like a search for the Holy Grail?

Investment has been approach: the cementing elementthe of EU integration, institutions and policies – in 1. Introductory Defining concept brief,1.inIntroductory creating more approach: Europe. More concretely, investment in people, in knowledge and in Defining the concept ANTISTHENIS, the ancient Greek philosopher, (444position BC - 370 BC, Athens), physical assets, to ensure that Europe preserves its role and in the world.

The ANTISTHENIS, the ancient Greek philosopher, BC -is“principle”: 370 BC, Athens), among other wise heritage he even left us, he established aEurope great current crisis transcends national, continental borders.(444 reminded of the its amongon other wise heritage leftthe us,definition he established aconsequences; greatof“principle”: the severity a daily basis.

Record unemployment is oneofofthe thecontent shrinking acquisition of knowledge startshe with concepts. public budgets financial austerity theifrun-up to the current recession acquisition of and knowledge starts withanother. theindefinition of the content of concepts.

Based, therefore, on this “principle” a In first, not final, approach, the term investment by 5-6%on a year.

Exporters and buyers this expansion,the which 1 (and Based,grew therefore, this “principle” inhome a first, if (in notdrove final, approach, term urban gentrification) is indicated the area of Planning) (or gentrification ended in 2008. 1Since then, the lack of investment has been a main source of demand gentrification (and urban gentrification) is indicated (in the area of Planning) (or Sociology asthe well), as the Union. “refining” of a city area, the removal from this, (in various weakness in European

Sociology as well), as the “refining” of a city area, fromthere this, of (inartists, various ways), of social groups, usually of low-income andthe theremoval placement A collapse of investment activity of this magnitude has inevitable repercussions for ways), of social groups, usually of low-income and the placement there of artists, the operation of art in galleries, restaurants, etc. However this “change”, regardless economic expansion the longer term. If productive capital stocks do not grow – indeed, ifof the operation of art galleries, restaurants, etc.

However this “change”, regardless whatever consequences has, results rising ofshrink. land prices (and theof they are notother even maintained – EU growth potentialalso will inevitably whatever otherspeculation). consequences has, results also rising of land prices (and the potential relative A revival of investment activity is therefore crucial to the long-term growth prospects of potential relative speculation).

The term gentrification found first in the UK is in access early 1960s and it refers Europe. One precondition forissuch an at investment revival to reasonably pricedto The for term gentrification found atpeople first in UKconsolidation in early 1960s and itareas refers funding long-term projects.

The process of the fiscal national and the then observed trend ofiswealthy to buy property inatpoor ofto European level has already placed a severe restriction on public budgets – and will the then observed trend of wealthy people to buy property in poor areas London, upgrade them, stay themselves sometimes there and thus old residents areof continue toupgrade do so in them, the medium term. This pressure means thatand the thus EU has find waysare London, stay themselves sometimes there oldtoresidents being indirectly “squeezed”. to achieve more with less. In particular, at European level, one needs to ensure that a being indirectly “squeezed”.

A description thistophenomenon is included in the work of Sociologist Ruth limited EU budget isofused maximum effect.

A description ofperiod, this phenomenon is situations included inwere the recorded work of Sociologist Ruth GLASS at the same while similar in other major The need of a bridge between ample liquidity on one side, and investment opportunities on GLASS at the same period, while similar situations were recorded in other major cities in Western countries, by at other Researchers. the other, was clearly perceived EU level.

This has indeed been the philosophy behind cities in Western countries, bydesign otherofResearchers.

Since then, the issue has preoccupied scholars and for more the European Investment Bank’s a seriesseveral of new financial products.

Lastits addition Since then, the issue has several scholars and for(EIB its more to the financial tool-kit, is the InnovFin rangesummarized of products, which the EIB Group and comprehensive approach arepreoccupied being below, from the various EIF) together with the European Commission launched in 2014 in support of research, comprehensive approach are being summarized below, from the various interpretations of the phenomenon of gentrification, the following: development and innovation across Europe. interpretations the phenomenon thecategory following: In a sense, theof phenomenon is dueof togentrification, a trend of a new of social groups The EU project bond initiative launched in 2012 is also seen as a means to go in ahead in to “return” to the city, leaving the purlieus for several reasons: high costs money the current circumstances. As it does not impose an additional burden on domestic and time sovereign to travel debt fromorthe purlieusliabilities. to downtown, where work place is, lack of the budgets, contingent termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for wasbetter born in sense1.ofThe safety the distributed residencies outside town centres, ABerlin, bridge at she a significant bigger scaleIn to better connect liquidity and study investment where made her first studies.

1932 she published an important entitled: services of health, education, entertainment “at the heart of the city”, (possibly) opportunities in EuropeThe came though as left an Germany essential and part after of the Investment Plan putfor Youth Unemployment. same year she continuous movements lower living cost of, in “withdrawal” car access to markets, etc.where studies and research Geneva, Prague, Neweasier York she came back to London, forward by the Commission is to setfrom upLondon a private newand European Fund for Strategic Investment in 1943 she published studies regarding city planning.

In 1950 she became teacher in the According to another approach, the phenomenon is due to a systematic and (EFSI), which seeks very much to draw upon the above mentioned collective experience.

University College of London, where she continued her social research.

Her public action and This will be a dedicated Fund, managed and hosted by the European Investment Bank long-term informal effort by organized groups, manufacturers, brokers of buying her work characterized byEIB a passion forEuropean justice. See also: COLLINS DICTIONARY. (EIB) and are co-financed the anddepreciation the Commission.

TheENGLISH purpose of the newin and selling realCOLLINS estate,byetc., for the initially of part of the urban web, 10th edit.

SONS Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: Fund is to Wil. complement currentAND EIBCo Group activities by focusing exclusively on strategic Gentrification: G. ALEXANDRI: http://www.uncanny.net/ wetzel/gentry.htm ainvestments variety ofthat ways, in order Abstract. to Europe’s achieve the “assisted”, (actually are necessary for return to growth. “voluntary”, 252139 11

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification Concerns

All the new European financial instruments mentioned, and ranging from risk finance for innovation under InnovFin to midcap loans, from innovative climate funds to trade finance, address projects with higher risk profiles, address market gaps, open up to new client groups, and reflect changing policy priorities and Member States’ financing requirements.

The review looks into the type of investment that can be catered by the European Investment Plan for magnifying the growth potential, and combining financial stability with European integration.

By Mr. George-Sp. C. ATHANASOPOULOS

Harvard University, Graduate School of Design, Student,

By Mr. George-Sp. C. ATHANASSOPOULOS Architect Financial stability and European integration Student of the School of Architecture Since the establishment of the single monetary policy and introduction the euro,ofit Crete is Technical of University pertinent to investigate the link between financial stability and European integration.

1. Introductory approach: Defining theor concept Is there a complementarity between the two are financial stability and European integration a contradiction in terms?Defining In other words, isn’t a search for a highly integrated 1.

Introductory approach: the concept ANTISTHENIS, the ancient Greek philosopher, (444 BC - 370 BC, Athens), financial system that would strengthen stability a bit like a search for the Holy Grail?

ANTISTHENIS, the ancient Greek philosopher, BC -“principle”: 370 BC, Athens), among other wise heritage he left us, he established(444 a great the

Recent on convergence in left relation economic a development since thethe amongstudies, other wise heritage us,definition hewith established greatof“principle”: acquisition of knowledge startshe with the of the content concepts. introduction of the euro, show that convergence between the countries in the EU has acquisition of knowledge starts with theindefinition the content of concepts.

Based,However, therefore, on this “principle” a first,economic if of not final, approach, the term increased. simultaneously with the reduced disparities at a national 1 Based, therefore, on this “principle” in a first, if not final, approach, theNot term gentrification) indicatedregions (in thewithin area ofcountries.

Planning) (or gentrification level, there has(and beenurban increasing disparitiesisbetween 1 (and urban gentrification) is indicated (in the area of Planning) (or gentrification surprisingly, it is the European capital and metropolitan regions that display the strongest Sociology as well), as the “refining” of a city area, the removal from this, (in various economic growth, while the peripheral and largely rural regions are lagging behind.

Sociology as well), as the “refining” of a city area, the from this, of (in various ways), of social groups, usually of low-income and theremoval placement there artists, Stability and integration of theusually financial markets has hence indeed contributedthere to European ways), of social groups, of low-income and the placement of artists, the operation of art galleries, restaurants, etc. However this “change”, regardless of integration, which is one of the key policy objectives for the EU because it fosters the operation of art galleries, restaurants, etc.

However this “change”, regardless of whatever other consequences has, results also rising of land prices (and the economic growth, albeit at national level.

whatever otherspeculation). consequences has, results also rising of land prices (and the potential relative

This came about, as the integrated euro area financial sector has brought along additional potential relative speculation).

The term gentrification is found at first in theand UKled in to early 1960s and it refers risk-sharing opportunities, improved market liquidity, significantly more cross-to The term gentrification is found at first in the UK in early 1960s and it refersofto the then observed trend of wealthy people to buy property in poor areas border activity by financial institutions.

the then observed trend of wealthy people to buy property in poor areas of

London, upgrade them, stay themselves sometimes therethanks and thus oldavailability residentsof are The EU enjoyed sustained growth till the outbreak of the crisis, to the London, upgrade them, stay themselves sometimes there and thusperiod old residents being indirectly private equity, the “squeezed”. very low interest rates, coupled with an unprecedented of strongare being indirectly “squeezed”. world This benefited Europe as an is open and export-oriented 10 million A growth. description of this phenomenon included in the work economy: of Sociologist Ruth jobs have been created within three years justisbefore the crisis outburst.

A description ofperiod, this phenomenon included inwere the work of Sociologist Ruth GLASS at the same while similar situations recorded in other major GLASS at same period, while similar situations in other major In addition, thethe removal of the by foreign risk which were came recorded with the creation of the cities in Western countries, otherexchange Researchers. common currency has accelerated trade in goods and services inside the euro zone.

The cities in Western countries, bypreoccupied other Researchers.

Since then, the issue has several scholars and for its more EU has indeed, witnessed the creation of new trade,several not just trade diversion Since then, the issue has preoccupied scholars andfrom for outside its more comprehensive approach are being summarized below, from the various the euro area. comprehensive approach are being summarized below, from the various interpretations of the phenomenon of gentrification, the following:

However, it wasn’tofjust forex risk premium that has disappeared.

Most other risk interpretations thethe phenomenon thecategory following: In a sense, the phenomenon is dueof togentrification, a trend of a new of social groups premia have vanished as well. This has triggered external account imbalances (deficits in to “return” to the city, leaving the purlieus for several reasons: high costs in money some countries, surpluses in others), and fiscal imbalances in many countries.

and time to travel from the purlieus to downtown, where work place is, lack of the

As a result of the absence of the risk premia as price signals, many European banks took 1. The termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for wasbetter born in sense safety the distributed town centres, on theirofbooks a significant amount residencies of sovereignoutside debt from other Member States which, Berlin, where she made her first studies. In 1932 she published an important study entitled: services of health, education, entertainment “at the heart of the city”, (possibly) unfortunately, later got into serious financial and economic difficulties.

For example, in Youth Unemployment. The same year she left Germany and after continuous movements for 2011 German banks still had a net sovereign exposure to European Economic Area lower living cost of, “withdrawal” from private car easier access to markets, etc. studies and research in Geneva, Prague, London and New York she came back to London, where countries of which according to Goldman Sachs EUR 84.5bn toteacher Portugal, in According 1943 of sheEUR published studies regarding city planning.

In 1950 sheto became in the to425bn, another approach, the phenomenon is due a systematic and Ireland, Greece, Spain and Italy.where she continued her social research. Her public action and University College of London,

long-term informal effort by organized groups, manufacturers, brokers of buying

40

herunsustainable work are characterized by a passion for justice. See also: COLLINS ENGLISH DICTIONARY. The flows etc., of funds and depreciation accumulation of external governments andin and selling realCOLLINS estate, for the initially ofdebt partby of the urban web, 10th edit. Wil. SONS AND Co Ltd. London 2009.

WIKIPEDIA: The Free the private sector – the various “credit bubbles” – are phenomena with which we Encyclopedia: grapple to G. ALEXANDRI: http://www.uncanny.net/ wetzel/gentry.htm a Gentrification: variety of ways, in order Abstract. to achieve the “assisted”, “voluntary”, (actually this day.

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification This comes on top of an increasing spatial polarization in the EU as a general, and not Concerns strictly speaking in the Eurozone. According to the European Commission, the socio-

An adjustment process to correct these imbalances is underway, and will no doubt be long and painful. As part of this process, we have observed an increase in the “home bias” of financial institutions – reversed capital flows and financial nationalization.

economic disparities have actually doubled a few years the introduction of the euro, and more specifically since the accession of the ten new Member States in 2004, although at a Mr.on George-Sp. C. of ATHANASOPOULOS policy level, the EU has had its primarily By focus the objectives economic growth and University, Graduate School of Design, Student, competitiveness (the LisbonHarvard Strategy), the sustainable development (the Gothenburg Mr. George-Sp. C. ATHANASSOPOULOS Strategy), and later the comprehensive By Europe 2020 strategy.

At the one end of the Architect spectrum, there are the regions in the so-called European Pentagon (London,ofParis, Milan, Student of the School Architecture Munich and Hamburg), which covers only 14% of EU territory, but accounts for 32%of ofCrete the Technical University population and produces 46% of EU GDP. At the other end we find 64 peripheral regions, representingapproach: a quarter ofDefining Europe's the population, having a GDP of less than 75% of 1. Introductory concept the 1.

EUIntroductory average. approach: Defining the concept

ANTISTHENIS, the ancient Greek philosopher, (444 BC - 370 BC, Athens), Therefore in 2004 the European Commission’s Third Cohesion Report, ANTISTHENIS, the ancient Greek philosopher, BC -identified 370 BC,territorial Athens), among other wise heritage he left us, he established(444 a great “principle”: the cohesion as a additional strategic policy objective, aiming at the “provision of equal among other wise heritage he left us, he established a great “principle”: the acquisition of knowledge starts with the definition of the content of concepts. chances for all Europeans wherever they happen to live or work in the Union”. In the acquisition of knowledge starts withEU, theterritorial the content ofincluded concepts.

Based, Constitutional therefore, onTreaty this “principle” indefinition a first,cohesion if of not final, approach, theasterm proposed of the has been an 1 (and Based, therefore, on athis “principle” inindicated aoffirst, if (in not(Article final, approach, the term objective (Article I.3-3)urban and shared competence the Union I.14-3). gentrification) is the area of Planning) (or gentrification 1 (and urban gentrification) is indicated (in the area of Planning) (or gentrification Sociology as well), the “refining” of a city area, thecohesion removalwere fromapplied this, (in The instruments for as achieving the objective of territorial asvarious part of Sociology as well), as the “refining” ofvarious a city sectoral area, removal this, of (in various the co-ordination of Regional Policy policies andfrom initiatives.

This was ways), of social groups, usually ofwith low-income andthe the placement there artists, expressed in the EU programs for the Structural and Cohesion Funds 2007-2013, which ways), of social groups, usually of low-income and the placement there of artists, the operation of art galleries, restaurants, etc. However this “change”, regardless of have been described a significant change in policy thinking on“change”, regional development: the operation ofconsequences art as galleries, restaurants, etc.

However this regardless whatever other has, also landallprices theof “Regional policy is increasingly seen as aresults policy for all rising regions,ofwhile policies(and are now whatever otherspeculation). consequences has, results also rising of land prices (and the potential relative considered as having a regional and/or territorial impact, even though they may not be potential speculation). ’regional’ inrelative their initial or primary statedatobjectives” (European Parliament, 2007,itp.

2). to The term gentrification is found first in the UK in early 1960s and refers The term gentrification is found at first in the UK in early 1960s and it refers the then observed trend of wealthy people to buy property in poor areas ofto The EU enhanced convergence efforts, have been interrupted by the largest drop in crossthe then observed trend of wealthy people to buy property in poor areas London, upgrade them, stay themselves sometimes there and thus old residents areof border lending since Lehmann Brothers actually came in the fourth quarter of 2011. This London, upgrade them, stay themselves sometimes there and thus old residents are worldwide decline was largely driven by euro area banks trying to deleverage.

And even being indirectly “squeezed”. though cross-border claims expanded slightly at the beginning of this year, they remain being indirectly “squeezed”.

A description of this phenomenon is included in the work of Sociologist Ruth wayA below pre-crisisof levels.

Obviously, this isisnot beneficial in thework long term. description this phenomenon included inwere the of Sociologist Ruth GLASS at the same period, while similar situations recorded in other major At face value, then, one could see tension between financial integration and financial GLASS at the same period, while similar situations were recorded in other major cities in Western countries, by other Researchers. stability. integration led to unsustainable debt accumulation – most notably by cities in Financial Western countries, bypreoccupied other Researchers.

Since then, the has several andsovereign for its more some governments - issue and was therefore among the causesscholars of the current Since then, the issue has preoccupied several scholars and for various its debt more comprehensive approach are being summarized below, from the crisis. comprehensive approach are being summarized below, from the various interpretations of risk the premia phenomenon of gentrification, the making following: Paradoxically, the came back with a vengeance, countries using the interpretations of the phenomenon of thecategory following: In acurrency sense, the phenomenon is due togentrification, arates trendonoftheir a new of social groups same paying vastly different interest debt. toBut “return” to the city, leaving the purlieus for several reasons: high costs in money is it really the case that the concept of financial integration was the root cause of the and time instability to travelthat from purlieus to downtown, where work place is, lack of the financial wethe currently observe?

1.of The termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for was born in sense safety theisdistributed residencies town centres, Financial integration good in itsstudies. own right, as itoutside allows capital to allocatedstudy to thebetter best Berlin, where she made her first In 1932 she published anbe important entitled: services of health, education, entertainment “at the heart of the city”, (possibly) possible use. Conversely, of year financial integration means that continuous capital is not allowed tofor Youth Unemployment.

Thelack same she left Germany and after movements lower living cost of,used. “withdrawal” from private access markets, etc.where flow where is best studies anditresearch in Geneva, Prague, London and car Neweasier York she came to back to London, in 1943 she published studies regarding city planning.

In 1950 she became teacher According to another approach, the phenomenon is due to a systematic and However, we’ve learned from the crisis that a closely integrated financial system does in notthe University College of London, where she continued her social research.

Her public action and long-term informal effort by organized groups, manufacturers, brokers framework of buying result in more financial stability if it is not well managed and if the regulatory her work are characterized by a passion for justice. See also: COLLINS ENGLISH DICTIONARY. doesn’t develop as quickly as the integration itself. and selling realCOLLINS estate, etc., for theCodepreciation initially of part of the urban web, in 10th edit. Wil. SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: Gentrification: G. ALEXANDRI: Abstract. http://www.uncanny.net/ wetzel/gentry.htm aThe variety of episode ways, inof order toinstability achieve “assisted”, “voluntary”, (actually current financial isthe rooted both in market and policy failures.

Investors made clearly wrong judgements by not pricing in any of the risks that have

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification The crisis has exposed some failures endangering the very essence of a sound financial system, for instance a lack of emphasis on risk management; the misuse of securitization Concerns and mistakes by the rating agencies when assessing securitized products; and, last but

materialized. And the institutional, regulatory and supervisory frameworks that were in place to support financial and broader macroeconomic stability were inadequate.

not least, moral hazard in the form of excessive reliance on the “lender of the last resort,” i.e. government.

By Mr. George-Sp. C. ATHANASOPOULOS

Thus, the right policy to restore financial stability is Graduate to address School those root causes, and one Harvard University, of Design, Student, should not fall into the trap of blaming financial integration itself for instability.

And

By Mr. George-Sp. C. creating ATHANASSOPOULOS Architect the core issues are being addressed at the EuropeanStudent level. The of the ECB and ESM ofroles the School of Architecture are key, and they are complementary in stopping and preventing contagion: The ECB Technical University of Crete focuses on securing an effective transmission of monetary policy into the real economy by providing liquidity through the financial system. The ESM, in turn, will provide a permanent 1. Introductory approach:Taken Defining the the concept crisis management mechanism. together, ECB and the ESM offer the firepower 1.

Introductory approach: Defining the conceptin(444 thatANTISTHENIS, is needed to confront negativeGreek impactphilosopher, of contagion the short thetheancient BC -and 370medium-term.

BC, Athens),

ANTISTHENIS, the ancient Greek philosopher, (444 BC -“principle”: 370 BC, Athens), among other heritage he left us,sources he established a great Europe is in thewise process of addressing the of the financial disequilibrium, and the is among other wise heritage he left us,definition he established a great well advanced setting up starts backstops tothe prevent, or at of least respond to, crises inthe acquisition of in knowledge with thebetter content of“principle”: concepts. the future. therefore, Europe therefore attempts to complete the establishment of aofsingle capital acquisition of knowledge starts with theindefinition the content concepts.

Based, on this “principle” a first, if of not final, approach, the term market and atherefore, single market in financial services.

1 Based, on this “principle” in a first, if not final, approach, the (or gentrification (and urban gentrification) is indicated (in the area of Planning)term 1 (and gentrification urban gentrification) isarea, indicated (ineconomic thefrom areathis, of Planning) To restore as financial stability Europe needs more financial and integration, not(or Sociology well), as the “refining” of a city the removal (in various less.

A of weak and fragmented financial sector a risk forthe recovery andfrom sustained in Sociology as well), as the “refining” of a is city area, this,growth (inartists, various ways), social groups, usually of low-income and theremoval placement there of Europe.

At the same time one can certainly say that and financial integration isthere a means, not ways), of social groups, usually of low-income the placement of artists, the operation of art galleries, restaurants, However this “change”, regardless an ends.

The goal being European integration,etc. through sustainable growth and increasedof the operation art galleries, restaurants, etc.also However regardless whatever other consequences has, results risingthis of “change”, land prices (and theof competition in theofglobalized economy. whatever otherspeculation). consequences has, results also rising of land prices (and the potential relative potential relative speculation).

The term gentrification is found at first in the UK in early 1960s and it refers to NeedThe for term investment gentrification found atpeople first in the UK in early 1960s and itareas refersofto the then observed trend ofiswealthy to buy property in poor As Philippe de Buck put it already in 2009, the main issue is “how we safeguard the then observed trend of wealthy people to buy property in poor areas London, upgrade them, stay themselves sometimes there and thus old residentsthe areof European Social market economy.

Let us besometimes clear on this.

European business wants toare London, upgrade them, stay themselves there and thus old residents being indirectly “squeezed”. maintain the essence of the European social model. It is therefore urgent to find the ways being indirectly “squeezed”. description this phenomenon is included in growth the work of Sociologist thatAlead us back toof growth.

Our social model is based on on the one hand andRuth on A description this phenomenon is situations included inwere the recorded work of Sociologist Ruth the way solidarity canof be maintained increased”.

GLASS at the same period, whileorsimilar in other major GLASS at the same period, while situations were recorded in other major cities Western countries, othersimilar Researchers.

Aboveinall else Europe needsbysustainable economic growth to raise living standards, cities in Western countries, bypreoccupied other Researchers.

Since then,and the issue has severalinscholars and forassets, its more secure welfare jobs.

Investment – smart investment key infrastructure in Sincein then, issue preoccupied several scholars and for various its more research, people the – is the keyhas toare raising productivity and long-term growth in Europe. comprehensive approach being summarized below, from the comprehensive approach being summarized below, from various interpretations ofinvestment the phenomenon of gentrification, following: The importance of canare be best illustrated by its the mere definition.

Asthe commonly interpretations of the phenomenon of gentrification, the following: defined i.e. gross fixed capital formation together with changes in inventories – investment In a sense, the phenomenon is due to a trend of a new category of social groups is “return” widely acknowledged as a keythe driver of growth: both in the short term, influencing the to to the city, leaving purlieus for several reasons: high costs in money length and depth of normal cyclical movements in economic activity, but also – through and time toand travel from thegains purlieus downtown, work place is, lackofofan the innovation productivity – in to determining thewhere long run growth potential 1.

The term comes from Sociologist Ruth GLASS, 1912-1940.

Ruth GLASS was born in sense of safety at the distributed residencies outside town centres, search for better economy.

Berlin, where she made her first studies. In 1932 she published an important study entitled: services of health, education, entertainment “at the heart of the city”, (possibly) InYouth termsUnemployment. of investment in key sectors the has movements – since the for The same year of she lefteconomy, Germanyhowever, and after Europe continuous lower living costfallen of, in “withdrawal” from private access to markets, etc.

1990s – and steadily behind international economic rivals.

And not surprisingly, this studies research Geneva,its Prague, London and car Neweasier York she came back to London, where in According 1943 published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the has been she starkly aggravated by the crisis.the to another approach, is due a systematic and University College of London, where she continued her social research.

Her public action and long-term informal effort by organized groups,quarter manufacturers, brokers of buying The exited from recession in the second following six quarters of her euro work area are characterized by a passion for justice.

See also: 2013, COLLINS ENGLISH DICTIONARY. declining For the first time since 2007 – the economies of EUof Member States arein and selling realCOLLINS estate, etc., for theCodepreciation initially ofall part the urban web, 10th edit.GDP. Wil. SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: again this year: the euro zone as a whole grew by 0.3% in(actually the last Gentrification: G. ALEXANDRI: Abstract. http://www.uncanny.net/ wetzel/gentry.htm aexpected varietytoofgrow ways, in order to achieve the “assisted”, “voluntary”,

42

quarter of 2014, and its biggest economy, Germany, expanded by 0.7%. The European

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification Still, France and Italy, the zone's second- and third-largest economies, stagnated in the final quarter of the year. Greece hasConcerns the potential to unsettle markets. Fears grow that the Eurozone may fall into deflation increase: prices are falling in Germany, Italy and Spain.

Commission is forecasting growth in 2015 of 1.3%, which would be the euro area's best outcome since 2010.

The ECB has adopted measures to boost prices and growth—most notably by agreeing to a controversial programme of quantitative easing—but it did so for a reason. The

By Mr. George-Sp. C. ATHANASOPOULOS European Commission's most recent economic forecasts showed that weak investment Harvard University, Graduate Design, Student, has led to a fragile recovery from the economic crisis in the School EU and of even more so in the By Mr. George-Sp. C. ATHANASSOPOULOS Architect euro area. While Gross Domestic Product (GDP) and private consumption in the EU were of2007, the School of Architecture in the second quarter of 2014 roughly at the same Student level as in total investment was Technical of Crete about 15% below 2007 figures. In certain Member States, the decline University in investment has been even more dramatic.

1. Introductory approach: Europe is still held back by weakDefining investmentthe andconcept high unemployment, causing widespread 1.

Introductory approach: Defining the concept (444 BC - 370 BC, Athens), social hardship.

ANTISTHENIS, the ancient Greek philosopher,

ANTISTHENIS, the ancient Greek philosopher, BC -“principle”: 370 BC, Athens), Real gross fixed capital formation

by Member among other wise heritage heState left us, he established(444 a great the Index 2007=100 among other wise heritage leftthe us,definition he established a greatof“principle”: acquisition of knowledge startshe with of the content concepts. the acquisition ofwith knowledge starts with theindefinition the content of concepts.

Member biggest in“principle” investment Based,States therefore, ondrop this a first, if of not final, approach, the term E.g., Greece, Ireland, Italy, Portugal, Spain 1 Based, therefore, on this “principle” in a first, if not final, approach, the term (or gentrification (and urban gentrification) is indicated (in the area of Planning) 1 (and urban gentrification) is indicated (in the area of Planning) (or gentrification Sociology as well), as the “refining” of a city area, the removal from this, (in various Sociology as well), as the “refining” of a city area, fromthere this, of (inartists, various ways), of social groups, usually of low-income andthe theremoval placement ways), of social groups, usually of low-income and the placement there of artists, the operation of art galleries, restaurants, etc. However this “change”, regardless of the operation of art galleries, restaurants, etc.

However this “change”, regardless whatever other consequences has, results also rising of land prices (and theof whatever otherspeculation). consequences has, results also rising of land prices (and the potential relative potential relative speculation).

The term gentrification is found at first in the UK in early 1960s and it refers to The term gentrification found atpeople first in the UK in early 1960s and itareas refersofto the then observed trend ofiswealthy to buy property in poor the then observed trend of wealthy people to buy property in poor areas London, upgrade them, stay themselves sometimes there and thus old residents areof London, upgrade them, stay themselves sometimes there and thus old residents are being indirectly “squeezed”. being indirectly “squeezed”.

A description of this phenomenon is included in the work of Sociologist Ruth A description ofperiod, this phenomenon is situations included inwere the recorded work of Sociologist Ruth GLASS at the same while similar in other major Source: European Commission GLASS at the same period, while similar situations were recorded in other major cities in Western countries, by other Researchers. cities in Western countries, bypreoccupied other Researchers.

Since then, the issue several scholars and for its more Other selected Member States has E.g., Belgium, Finland, Germany, UK Since then, the issue Netherlands, has several below, scholars andthe for various its more comprehensive approach arepreoccupied being summarized from comprehensive approach are being summarized below, from the various interpretations of the phenomenon of gentrification, the following: interpretations of the phenomenon of gentrification, the following: In a sense, the phenomenon is due to a trend of a new category of social groups to “return” to the city, leaving the purlieus for several reasons: high costs in money and time to travel from the purlieus to downtown, where work place is, lack of the termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for wasbetter born in sense1.ofThe safety the distributed residencies outside town centres, Berlin, where she made her first studies. In 1932 she published an important study entitled: services of health, education, entertainment “at the heart of the city”, (possibly) Youth Unemployment. The same year she left Germany and after continuous movements for lower living cost of, in “withdrawal” from private access markets, etc.where studies and research Geneva, Prague, London and car Neweasier York she came to back to London, in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the to another approach, the is due a systematic and University College of London, where she continued her social research.

Her public action and long-term informal effort by organized groups, manufacturers, brokers of buying her work are characterized by a passion for justice. See also: COLLINS ENGLISH DICTIONARY. and selling realCOLLINS estate, etc., for theCodepreciation initially of part of the urban web, in 10th edit. Wil. SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: G. ALEXANDRI: http://www.uncanny.net/ wetzel/gentry.htm a Gentrification: variety of ways, in order Abstract. to achieve the “assisted”, “voluntary”, (actually Source: European Commission

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification Concerns

Compared to the 2007 peak, investments have dropped by around EUR 430bn. Five Member States (France, the United Kingdom, Greece, Italy and Spain) account for around 75% of the drop, owing to the size of their economy or the sheer magnitude of the investment drop, or both.

Real gross fixed capital formation EU-28, in 2013 prices,EURbn

ShareBy of total by country Share of total drop by sector Mr.drop George-Sp. C. ATHANASOPOULOS U-28, in percentage* EU-26, in percentage* Harvard University, Graduate School of Design, Student,

By Mr. George-Sp. C. ATHANASSOPOULOS Architect Student of the School of Architecture Technical University of Crete

1. Introductory approach: Defining the concept 1. Introductory approach: the concept (444 BC - 370 BC, Athens), ANTISTHENIS, the ancientDefining Greek philosopher, ANTISTHENIS, the ancient Greek philosopher, BC -“principle”: 370 BC, Athens), among other wise heritage he left us, he established(444 a great the among other wise heritage leftthe us,definition he established a greatof“principle”: acquisition of knowledge startshe with of the content concepts. the acquisition of knowledge starts with theindefinition the content of concepts.

Based, therefore, on this “principle” a first, if of not final, approach, the term 1 Based, therefore, on this “principle” in a first, if not final, approach, the term (or gentrification (and urban gentrification) is indicated (in the area of Planning) 1 (and urban gentrification) is indicated (in the area of Planning) (or gentrification Sociology as well), as the “refining” of a city area, the removal from this, (in various Sociology as well), as the “refining” of a city area, fromthere this, of (inartists, various ways), of social groups, usually of low-income andthe theremoval placement ways), of social groups, usually of low-income and the placement there of artists, the operation of art galleries, restaurants, etc. However this “change”, regardless of the operation of art galleries, restaurants, etc.

However this “change”, regardless whatever consequences has, results also rising of land prices (and theof Source: European other Commission whatever otherspeculation). consequences has, results also rising of land prices (and the potential relative Inpotential 2013, investment accounted 19.3% of GDP, roughly 2 percentage points below the relative speculation).

The term gentrification isforfound at first in the UK in early 1960s and it refers to longer-term average (excluding boom-bust years).

ThisUK meansearly that 1960s currentand investment The term gentrification found atpeople first in the refersofto the then observed trend ofiswealthy to buy in property in poor itareas levels in the EU are EUR 230 to EUR 370bn below the historical norm. the then observed trend of wealthy people to buy property in poor areas London, upgrade them, stay themselves sometimes there and thus old residents areof London, upgrade them, stay themselves sometimes there and thus old residents are being indirectly “squeezed”.

Real gross fixed capital formation – Observed trend vs. "sustainable" level being indirectly “squeezed”.

Aindescription EU-28, 2013 prices, EURbnof this phenomenon is included in the work of Sociologist Ruth A description ofperiod, this phenomenon is situations included inwere the recorded work of Sociologist Ruth GLASS at the same while similar in other major GLASS at the same period, while similar situations were recorded in other major cities in Western countries, by other Researchers. cities in Western countries, bypreoccupied other Researchers.

Since then, the issue has several scholars and for its more Since then, the issue has several below, scholars andthe for various its more comprehensive approach arepreoccupied being summarized from comprehensive approach are being summarized below, from the various interpretations of the phenomenon of gentrification, the following: interpretations of the phenomenon of gentrification, the following: In a sense, the phenomenon is due to a trend of a new category of social groups to “return” to the city, leaving the purlieus for several reasons: high costs in money and time to travel from the purlieus to downtown, where work place is, lack of the termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for wasbetter born in sense1.ofThe safety the distributed residencies outside town centres, Berlin, where she made her first studies. In 1932 she published an important study entitled: services of health, education, entertainment “at the heart of the city”, (possibly) Youth Unemployment. The same year she left Germany and after continuous movements for lower living cost of, in “withdrawal” from private access markets, etc.where studies and research Geneva, Prague, London and car Neweasier York she came to back to London, in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the to another approach, the is due a systematic and University College of London, where she continued her social research.

Her public action and long-term informal effort by organized groups, manufacturers, brokers of buying her work are characterized by a passion for justice. See also: COLLINS ENGLISH DICTIONARY. and selling realCOLLINS estate, etc., for theCodepreciation initially of part of the urban web, in 10th edit. Wil. SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: G. ALEXANDRI: http://www.uncanny.net/ wetzel/gentry.htm a Gentrification: variety of ways, in order Abstract. to achieve the “assisted”, “voluntary”, (actually

44

Source: European Commission

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification Concerns

Results are more alarming when viewed in comparison with Europe’s main competitors.

Real GDP per capita – European Union vs. USA Index 2007=100

By Euro Mr.area George-Sp. C. ATHANASOPOULOS (13 countries) Recovery from previous recession, 1993-97 Harvard University, Graduate School of Design, Student,

By Mr. George-Sp. C. ATHANASSOPOULOS Architect USA Student of the School of Architecture EU-28Technical University of Crete *

1. Introductory approach: Defining the conceptEuro Area (18 countries) 1. Introductory approach: the concept (444 BC - 370 BC, Athens), ANTISTHENIS, the ancientDefining Greek philosopher, ANTISTHENIS, the ancient Greek philosopher, (444 BCloss -“principle”: 370 Athens), among other wise heritage he left us, he established a great the (-----------Cumulative of BC, ~€1,700 in among other wise heritage leftthe us,definition he established a great income/GDP per capita acquisition of knowledge startshe with of the content of“principle”: concepts. the acquisition of knowledge starts with theindefinition the content of concepts.

Based, therefore, on this “principle” a first, if of not final, approach, the term 1 Based, therefore, on this “principle” in a first, if not final, approach, the term (or gentrification (and urban gentrification) is indicated (in the area of Planning) 1 (and urban gentrification) is indicated (in the area of Planning) (or gentrification Sociology as well), as the “refining” of a city area, the removal from this, (in various Sociology as well), as the “refining” of a city area, fromthere this, of (inartists, various ways), of social groups, usually of low-income andthe theremoval placement ways), of social groups, usually of low-income and the placement there of artists, the operation of art galleries, restaurants, etc. However this “change”, regardless of the operation of art galleries, restaurants, etc.

However this “change”, regardless whatever other consequences has, results also rising of land prices (and theof whatever otherspeculation). consequences has, results also rising of land prices (and the potential relative potential relative speculation).

The term gentrification is found at first in the UK in early 1960s and it refers to Source: European Commission The term gentrification found atpeople first in the UK in early 1960s and itareas refersofto the then observed trend ofiswealthy to buy property in poor the then observed trend of wealthy people to buy property in poor areas London, upgrade them, stay themselves sometimes there and thus old residents areof London, them, stay themselves sometimes residents The drop inupgrade investment accounts for the largest proportion there of the and fall inthus GDPold between 2007are being indirectly “squeezed”. being indirectly “squeezed”. and 2013.

To keep up with the pace of investment in the U.S., the EU should A description of this phenomenon is included in the work of Sociologist have Ruth invested an additional bn in 2012-2013.

A description ofEUR540 this phenomenon is situations included inwere the recorded work of Sociologist Ruth GLASS at the same period, while similar in other major GLASS at the same period, while similar situations were recorded in other major Investment drop which came partly as a result of the economic crisis, feeds into further cities in Western countries, by other Researchers. contraction of investment, and deepens crisis in a spiral development. In the run-up to cities in Western countries, bypreoccupied otherthe Researchers.

Since then, the issue has several scholars and for its more the current recession investment grew by 5-6% a years.

Exporters and home Since then, the issue has preoccupied several scholars andbuyers for itsdrove more comprehensive approach are being summarized from this expansion, which ended in 2008. Since then, the lack of below, investment has the beenvarious a main comprehensive approach are being summarized below, from the various interpretations of the phenomenon gentrification, following: source of demand weakness in the of European Union. the Gross fixed capital formation interpretations the phenomenon of thecategory following: contracted massively early in the crisis remained feeble, nearly of 15% lower than In a sense, theof phenomenon is dueand togentrification, ahas trend of a new social groups five years ago.

A collapse of investment activity of this magnitude has inevitable to “return” to the city, leaving the purlieus for several reasons: high costs in money repercussions for economic expansion in the longer term. If productive capital stocks do and time to travel from the purlieus to downtown, where work place is, lack of the not grow – indeed, if they are not even maintained – Europe’s growth potential will 1.of The termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for wasbetter born in sense safety the distributed residencies outside town centres, inevitably shrink.

Berlin, where she made her first studies. In 1932 she published an important study entitled: services of health, education, entertainment “at the heart of the city”, (possibly) Youth Unemployment. samevolatile year she left Germany and after demand, continuous movements Investment tends to be The the most component of aggregate and, this crisis for lower living cost of, in “withdrawal” private easier access to markets, etc.where studies and Geneva, London and car Newprecisely York she came back to has not beenresearch an exception.

ThePrague, chartfrom below illustrates the impact of London, contracting in 1943 she published studies regarding city planning.

In 1950 she became teacher in the According to another approach, the phenomenon is due to a systematic and investment on the recent economic crisis. This chart plots the change in EU economic University College of London, where she continued her social research.

Her public action and growth (scale on left-hand side) over time, with zero equal to the slump in 2009.

The long-term informal effort by organized groups, manufacturers, brokers of buying her work characterized by a passion for justice.

See also: COLLINS ENGLISH DICTIONARY. change inare GDP isestate, brokenetc., down into investment through changes in gross capital formation and selling realCOLLINS for theCo depreciation initially of part of the urban web, in 10th edit. Wil. AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: (dashed grey colour) andSONS inventories (dark blue).

G. ALEXANDRI: http://www.uncanny.net/ wetzel/gentry.htm a Gentrification: variety of ways, in order Abstract. to achieve the “assisted”, “voluntary”, (actually 252145 11

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification Concerns

By Mr. George-Sp. C. ATHANASOPOULOS Harvard University, Graduate School of Design, Student,

By Mr. George-Sp. C. ATHANASSOPOULOS Architect Student of the School of Architecture Technical University of Crete

46

1. Introductory approach: Defining the concept 1. Introductory approach: the concept (444 BC - 370 BC, Athens), ANTISTHENIS, the ancientDefining Greek philosopher, ANTISTHENIS, the ancient Greek philosopher, BC -“principle”: 370 BC, Athens), among other wise heritage he left us, he established(444 a great the The chart demonstrates how starts the contraction inhe investment in 2008 and 2009 explains a the among other wise heritage he leftthe us,definition established a great acquisition of knowledge with of the content of“principle”: concepts. large percentage of the slumpstarts in GDP. In the 2010, partly due tothe coordinated

by EU acquisition of knowledge with content ofefforts concepts.

Based, therefore, on this formation “principle” indefinition a first, if of not final, approach, the term governments, gross fixed capital recovered to only slightly negative levels.

1 (and urban Based, therefore, on this “principle” is inindicated a first, if (in notthe final, approach, the term gentrification) area of Planning) (or gentrification Ingentrification the short term,1weak investment slows economic recovery. (in Thethe EU's recovery appears (or (and urban gentrification) is indicated area of Planning) Sociology as well), as the “refining” of a city area, the removal from this, (in various to have stalled, compared both to other major economies and the previous recession in Sociology as well), as the1997). “refining” of a city area, the removal fromthere this, (inartists, various ways), of social groups, low-income Europe (between 1993 andusually Inofthe longer term,and the the lackplacement of investment hurtsofgrowth ways), of social groups, usually of low-income and the placement there of artists, the competitiveness. operation of artWeak galleries, restaurants, etc.area However this “change”, regardless of and investment in the euro has a considerable impact. the operation of art galleries, restaurants, etc.

However this “change”, regardless of whatever other consequences has, results also rising of land prices (and the The crisis transcends national, even continental borders. Europe is reminded of its severity whatever other consequences has,isresults rising of landshrinking prices (and potential speculation). on a daily relative basis.

Record unemployment one of also the consequences; public the potential relative speculation). budgets financial austerity another.

The and term gentrification is found at first in the UK in early 1960s and it refers to The term gentrification found atand firstthe in the UKthe in early 1960s and refers the central then observed ofiswealthy people to buy property inhas poor areas The position oftrend Europe’s economy impact downturn hadit on its ofto the then observed trend of wealthy people to buy property in poor areas trading partners – China, Russia, and the Americas.

Investment in Europe is therefore London, upgrade them, stay themselves sometimes there and thus old residentsinareof the interest of all of“squeezed”. itsthem, commercial partners London, upgrade stay themselves sometimes there and thus old residents are being indirectly being indirectly “squeezed”.

An economic report of published by the European Investment Bank in March 2015 shows A description this phenomenon is included in the work of Sociologist Ruth that intangible investments, and development, have of held relatively A description ofperiod, thisincluding phenomenon is situations included inwere the recorded work Sociologist Ruth GLASS at the same whileresearch similar inupother major well during and after the economic crisis but their situations levels still lag world-best performers.

The GLASS at the same period, while similar were recorded in other major cities in Western countries, by other Researchers. report further argues that in order for Europe to stay competitive, our economy should cities in Western countries, bypreoccupied other Researchers.

Since then, the issue has several scholars and for more become more dynamic and more specialised in knowledge-intensive activities.

Thisits means Since then, the issue has preoccupied several scholars and for its more comprehensive approach are being summarized below, from the various that innovation should be at the technological frontier or moving towards it, and implies an comprehensive approach are being summarized below, from the various ability to respond rapidly to new growth opportunities.

Improving resource reallocation from interpretations of the phenomenon of gentrification, the following: less to amore productive is crucial inof this there seems to scope for interpretations thefirms phenomenon gentrification, thecategory following: In sense, theof phenomenon is due to a process trend ofand a new ofbe social groups such an improvement in most EU Member States. to “return” to the city, leaving the purlieus for several reasons: high costs in money Another study produced recently by the European Investment that Europe and time to travel from the purlieus to downtown, whereBank workshowed place is, lack of the would1.have to invest heavily in order not to fall behind its competitors, giving some The termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for wasbetter born in sense of safety the distributed residencies outside town centres, indicative figuresshe as made below:her first studies. In 1932 she published an important study entitled: Berlin, where services of health, education, entertainment “at the heart of the city”, (possibly) Unemployment.

Thean same year she left130bn Germany andinafter • Youth Europe should invest additional EUR a year R&Dcontinuous to meet themovements EU’s own for lower living cost “withdrawal” from private access markets, etc.where studies andof research in Geneva, Prague, London and car Neweasier York she came to back to London, target 3% of, of GDP. in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the to another approach, the is due a systematic and • University It should invest EUR 100bn yearly to upgrade energy networks to integrate College of London, where she continued her social research.

Her public action and long-term informal effort by organized groups, manufacturers, brokers of buying renewables, improve efficiency, and security of COLLINS supply, ENGLISH DICTIONARY. her work are characterized by a passion forensure justice.

See also: and selling realCOLLINS estate, etc., for theCodepreciation initially of part of the urban web, in 10th edit. Wil. SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: • EUR 50bn yearly to upgrade transport networks to reduce congestion costs and Gentrification: G. ALEXANDRI: Abstract. http://www.uncanny.net/ wetzel/gentry.htm a variety of ways, in order to achieve the “assisted”, “voluntary”, (actually trade bottlenecks, 2521 11

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GENTRIFICATION Definition, Types of Intervention, • EUR 55bn to reach the EU’s Digital Agenda standards in broadband and data Definition, of intervention, ConcernsTypes of Gentrification centre capacity, Investment is therefore needed to spin-off the crisis spiral movement. Investment is Concerns needed, in an abstract sense, in European unity, cohesion, institutions and policies – in brief, in creating more Europe.

Investment is needed on the capital stock, which in turn holds back Europe's growth

By Mr. George-Sp. C. ATHANASOPOULOS potential, productivity, employment levels and job creation.

Harvard University, Graduate School of Design, Student,

Investment is also needed in people, in knowledge and in physical assets, to ensure that

By Mr. George-Sp. C. ATHANASSOPOULOS Architect Europe preserves its role and position in the world. Student of the School of Architecture

TechnicalatUniversity of Crete The need for investments to support jobs and growth is also recognised the international level, as witnessed by the G20 Communiqué and Brisbane Action Plan published on 16 1. Introductory approach: Defining the concept November 2014.

1. Introductory Defining the concept A revival of investmentapproach: activity is therefore to the long-term prospects of ANTISTHENIS, the ancient Greek crucial philosopher, (444 BC growth - 370 BC, Athens), Europe.

This is the core message of the EU 2020 strategy –(444 to invest in370 smart in ANTISTHENIS, the ancient Greek philosopher, BC -“principle”: BC,ways, Athens), among other wise heritage he left us, he established a great the sustainable core infrastructure; in research and innovation to increase productivity; in among other wise heritage leftthe us,definition he established a greatof“principle”: acquisition of knowledge startshe with of the content concepts. the people. In core infrastructure networks alone, such as the TEN networks in energy and acquisition of knowledge starts with theindefinition of the content of concepts.

Based, therefore, on this “principle” a first, if not final, approach, the of term transport; energy generation and broadband, the Commission has estimated a need 2 1 Based, therefore, on this “principle” in a first, if not final, approach, the (or gentrification trillion euros until(and 2020.urban gentrification) is indicated (in the area of Planning)term

1 (and urban gentrification) is indicated (in the area of Planning) (or gentrification Sociology well), thebefore; “refining” of a city area, the removal this,of(in various Europe hasastried thisasalso the Lisbon strategy failed largely from because a lack of Sociology as as the “refining” of a city from this, (inpriority various ways), of social groups, usually of low-income andthe theremoval placement there of artists, commitment bywell), member states, and a failure to area, align national policies with EU ways), of This social groups, of low-income and placement of artists, objectives. the EUusually is expected to have thethe lesson and takethere advantage ofof the operation oftime, art galleries, restaurants, etc.learnt However this “change”, regardless a new model of economic governance. the operation of art galleries, restaurants, etc.

However this “change”, regardless whatever other consequences has, results also rising of land prices (and theof whatever other consequences has, results risingtoofreverse land prices (and the Collective and coordinated efforts at European level also are needed this downward potential relative speculation). trend and put Europe firmly onisthe path of recovery. potential relative speculation).

The term gentrification found at economic first in the UK in early 1960s and it refers to The term gentrification iswealthy found finance atpeople first ministers in the UK in early 1960s and itareas refersofto In September 2014, therefore, European asked the European Investment the then observed trend of to buy property in poor Bank and the European Commission to chair a taskforce representing all EU member the then observed trend of wealthy people to buy property in poor areas London, upgrade them, stay themselves sometimes there and thus old residents areof states.

Thisupgrade initiative them, followed thethemselves speech to the Europeanthere Parliament in July by theare London, stay sometimes and thus old2014 residents being indirectly “squeezed”.

President of the then European Commission designate, Jean-Claude Juncker in which he being indirectly “squeezed”.

A description phenomenon included in the work Sociologist Ruth stated his intentionoftothis present a plan to isunlock investment in the of EU. The taskforce A description ofperiod, this is situations included inwere the recorded work of Sociologist Ruth GLASS atmain the barriers same while similar in other major analysed andphenomenon bottlenecks hampering investment and proposed practical GLASS at the same period, while similar situations were recorded in other major solutions to overcome those impediments.

It also identified potentially viable investment cities in Western countries, by other Researchers. projects could beissue of strategic significance to recovery and growth be cities inthat Western countries, bypreoccupied other Researchers.

Since then, the has several scholars andand for could its more realised in the short and medium term.

It laid in this way the foundation for a credible and Since then, the issue has preoccupied several below, scholars andthe for various its more comprehensive approach are being summarized from transparent pipeline of projects toare boost EU competitiveness and growth potential in the comprehensive approach being summarized below, from the various interpretations of theThe phenomenon of Commission gentrification, the following: medium to long-term.

EIB and the reported on the outcome of the interpretations of the phenomenon thecategory following: In a sense, the phenomenon togentrification, a trend of a new of social groups taskforce work in December 2014. is dueof to “return” to the city, leaving the purlieus for several reasons: high in money The economic report published by the EIB in March 2015 demonstratescosts that the main and timefor to travel from the purlieus to downtown, workstandards place is, lack of the reasons weak investment in Europe compared towhere historical are weak 1.of The termat comes from uncertainty Sociologist Ruththe GLASS, Ruth GLASS wasbetter born economic prospects, and need 1912-1940. oftown all sectors in search the economy to in sense safety thepolicy distributed residencies outside centres, for Berlin,debt where she made her first studies. In 1932 she published an important study entitled: reduce levels. services of health, education, entertainment “at the heart of the city”, (possibly) Youth Unemployment. The same year she left Germany and after continuous movements for The European Commission put Prague, therefore forward incar December 2014 Investment Plan lower living cost of, in “withdrawal” from private easier access to markets, etc. studies and research Geneva, London and New York she camean back to London, where aiming at she reviving in Europe bythe addressing theIn main investment inthe in According 1943 published studies regarding city planning.

1950 sheto became teacher in toinvestment another approach, phenomenon is obstacles due a to systematic and aUniversity coherent way.

Theofnew approach consists of threeher strands: College London, where she continued social research.

Her public action and long-term informal effort by organized groups, manufacturers, brokers of buying her work arefinancial characterized by a(in passion for justice.

See also: COLLINS Fund ENGLISH DICTIONARY. a) New tools particular the new European for Strategic and selling realCOLLINS estate, etc., for theCodepreciation initially of part of the urban web, in 10th edit. Wil. SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: Investments), in partnership with the European Investment Bank, to address the current Gentrification: G. ALEXANDRI: Abstract. http://www.uncanny.net/ wetzel/gentry.htm ashortage varietyofof ways, in order to achieve the “assisted”, “voluntary”, (actually risk-financing in Europe.

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification c) A more stable, business friendly and predictable regulatory environment, at Concerns the European, national, and sub-national level, focussing on completing the single market

b) A pipeline of projects at EU level, and enhanced support for project development through more user-friendly technical assistance, for public sector stakeholders as well as private investors.

for energy, digital and transport and capital markets.

The Investment Plan has the ambition to serve as a paradigm shift in how public money is

By Mr. George-Sp. C. ATHANASOPOULOS used for strategic investments in Europe.

Harvard University, Graduate School of Design, Student,

By Mr. George-Sp. C. ATHANASSOPOULOS Architect Student of the School of Architecture Financing investment Technical University of Crete One precondition for such an investment revival is access to reasonably priced funding for long-term projects.

1. Introductory approach: Defining the concept

The 1. process of fiscal consolidation at national and European level has already placed a Introductory approach: the concept ANTISTHENIS, the budgets ancientDefining - 370 BC, Athens), severe restriction on public –Greek and willphilosopher, continue to do(444 so in BC the medium term.

ANTISTHENIS, the ancient Greek philosopher, BC -“principle”: 370 BC, Athens), among other wise heritage he left us, he established(444 a great the Europe’s main concern is long-term investment underpinning sustainable growth. Of among other wise heritage he left us, he established a great “principle”: the acquisition of knowledge starts with the definition of the content of concepts. course, there is currently a compelling case for loans with a significant short-term multiplier acquisition of knowledge starts with the definition of the content of concepts.

Based, therefore, on this “principle” in a first, if not final, approach, the term effect giving an immediate boost to production and employment. But long-term economic, 1 (and urban Based, on this “principle” inindicated a first, notthe final, approach, the term financial andtherefore, environmental soundness and viability of if investment must a pregentrification) is (in area ofremain Planning) (or gentrification 1 (and urban requisite for EU institutional support. gentrification gentrification) is indicated (in the area of Planning) (or Sociology as well), as the “refining” of a city area, the removal from this, (in various Sociology as well), as the “refining” of a city area, the removal from this, (in various The “golden rule” is: debt should be incurred for investment capable of producing ways), of social groups, usually of low-income and the placement there of artists, economic that allowusually its repayments. ways), ofbenefits social groups, of low-income and thethis placement of artists, the operation of art galleries, restaurants, etc. However “change”,there regardless of the operation of art galleries, restaurants, etc.

However this “change”, regardless The need for a structural change to European economies is wellof published.

But a (and switch the to of whatever other consequences has, results also rising land prices awhatever more resource-efficient and smarterhas, economy – which absolutely vitalprices for Europe otherspeculation). consequences results also is rising of land (andif itthe potential relative wants to remain competitive on the global scale will not happen overnight.

This switch will potential relative speculation).

The term gentrification is found at first in the UK in early 1960s and it refers to not come about without large volumes of long-term investment and structural reforms that Thethe term gentrification found at first in the UK in early 1960s and itareas refers the then observed trend ofiswealthy people to buy property poor ofto unleash potential of that investment.

The “long view” must prevail. Itin must balance out the then observed trend of wealthy people to buy property in poor areas London, upgrade them, stay themselves there and thus old residents areof short-termism, which has been at the root of sometimes the current financial crisis.

London, upgrade them, stay themselves sometimes there and thus old residents are being “squeezed”.

There indirectly is systematic evidence that the near future, the drive for immediate profit being indirectly “squeezed”.

A description phenomenon in the work oftoSociologist Ruth maximization, playsofa this disproportionate roleisinincluded financial decision-making the detriment of A description ofperiod, this is situations included work ofcalled, Sociologist Ruth the more future.

Thisphenomenon “quarterly capitalism,” as itin isthe sometimes has major been GLASS atdistant the same while similar were recorded in other omnipresent in households, onwhile the financial markets, inwere banks, businesses, evenmajor in GLASS at the same period, similar situations recorded in other cities in Western countries, by other Researchers. governments.

This short-termism and the under-investment in projects with long payoff cities in Western countries, bypreoccupied other Researchers.

Since then, the issue has several of scholars and who for its more periods that comes with it – has highlighted the importance those lenders have not Since then, the issue has preoccupied several scholars and for its more comprehensive approach are being summarized below, from the various lost their sight from the long term comprehensive approach are being summarized below, from the various interpretations of the the phenomenon of need gentrification, This suggests that private sector will to do morethe andfollowing: in the right way. Yet it is interpretations of the phenomenon of gentrification, the following: In athat, sense, thethephenomenon due to aatrend of a new category of social groups clear since crisis unfoldedis in 2008, substantial portion of market liquidity has to “return” city, leaving the purlieus several reasons: in money dried up – to in the particular the participation of for institutional investors high suchcosts as insurance companies pension At the same time, bank balance sheetsplace are under pressure and time toand travel fromfunds. the purlieus to downtown, where work is, lack of the and will continue to remain so under Basel 3.

As a result project companies face greater termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for was born in sense1.ofThe safety the distributed residencies outside town centres, better difficulties to secure long-term financing; from banks or fromancapital markets.

Berlin, where she made her first studies.either In 1932 she published important study entitled: services of health, education, entertainment “at the heart of the city”, (possibly) Youth Unemployment.

The same yearto she left Germany and after continuous movements for This pressure means that the EU has find ways to achieve more with less.

In particular, lower living cost of, in “withdrawal” from private access markets, etc.where studies and research Geneva, Prague, London and car Neweasier York she came to back to London, at European level, one needs to ensure that a limited EU budget is used to maximum in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the to another the due a systematic and effect.

As the EU bank, weapproach, also consider the EIB to be a is‘second leg’ to finance EU University College of London, where she continued her social research.

Her public action and long-term informal by organized groups, manufacturers, brokers ofneed buying policies, theeffort EU budget.

To be course, suchENGLISH instruments to her workalongside are characterized by a passion forsuccessful, justice. Seeof also: COLLINS DICTIONARY. unlock investment and etc., catalyse existing and new investors, aligning allurban EU funding and selling realCOLLINS estate, for the depreciation initially of part of the web, in 10th edit.

Wil. SONS AND Co Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: aG.judicious blend, Commission grants and European Investment Gentrification: ALEXANDRI: Abstract. http://www.uncanny.net/ wetzel/gentry.htm apossibilities variety ofinways, in order toincluding achieve the “assisted”, “voluntary”, (actually

48

Bank financing. The Project Bond Initiative is one result of those discussions.

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification Concerns

Whereas grants are well understood policy instruments, what is the rationale for using public funds as risk capital? What determines the value to taxpayers in choosing one instrument or another? The chart below– although very simple – captures the essence of this trade-off. It matches project risk and return profiles with funding sources.

Why and when EIB/EU joint instruments?

Project characteristics

High Financial Profitability, Low risk

Positive Economic rate of returns

Low Financial Profitability/ High risk

By Mr. George-Sp. C. ATHANASOPOULOS Harvard University, Graduate School of Design, Student,

By Mr. George-Sp. C. ATHANASSOPOULOS Architect Student of the School of Architecture Technical University of Crete Funding instruments Commercial loan, Including EIB loan

Potential Blending area

Joint Instrument e.g. credit enhancement

1. Introductory approach: Defining the concept 1. Introductory approach: the concept (444 BC - 370 BC, Athens), ANTISTHENIS, the ancientDefining Greek philosopher, ANTISTHENIS, the ancient Greek philosopher, BC -“principle”: 370 BC, Athens), among other wise heritage he left us, he established(444 a great the among other wise heritage leftthe us,definition he established a greatof“principle”: acquisition of knowledge startshe with of the content concepts. the acquisition of knowledge starts with theindefinition of the content of concepts.

Based,fortherefore, a first, if projects not final, approach, the term Assume a momenton thatthis we“principle” have a set of European with a strong economic 1 Based, therefore, on this “principle” in a first, if not final, approach, the term (and urbanoutweigh gentrification) is Yet indicated (inset, thefinancial area of returns Planning) (or gentrification case: the benefits to society the costs. within this vary.

1 (and urban gentrification) is indicated (in the area of Planning) (or gentrification Sociology as well), as the “refining” of a city area, the removal from this, (in various At one extreme – at the bottom of the chart, we have projects with limited revenues Sociology as well), as the “refining” of the a city area, this, (in various ways), ofand/or social groups, usually of low-income andthe theremoval placement there streams significant risks such that financial rate of returnfrom is very lowof orartists, even ways), of social groups, usually of low-income and the placement there of artists, negative.

This of is the of grants – and will etc. remain so. the operation artworld galleries, restaurants, However this “change”, regardless of the operation of art galleries, restaurants, etc.

However this “change”, regardless whatever other consequences has, results also rising of land prices (and the At the other extreme – at the top of the chart, we have a set of projects with robust of whatever other consequences has, results also rising (and the financial returns.

This is the ‘bread and butter’ of financial marketsof– land there prices is little rationale potential relative speculation). potential relative speculation). for using public grants.

The term gentrification is found at first in the UK in early 1960s and it refers to The term gentrification found first in–the UK in early 1960s andsignificant itareas refersofto In between, of course, – in the middle of at the chart arebuy a range of projects with the then observed trend ofis wealthy people to property in poor the then observed trend of wealthy people to buy property in poor areas revenue streams, with quantifiable and limited risk profiles – but which fail to make anof London, upgrade them, stay themselves sometimes there and thus old residents are investment grade rating.

This is exactly the set of projects for which a tailored instrument, London, upgrade them, stay themselves sometimes there and thus old residents are being indirectly “squeezed”. using risk capital provided by the public sector, can provide high value for money. In the being indirectly “squeezed”.

A description included in the worktooffinancial Sociologist limit, the presenceof of this suchphenomenon an instrument is can help bring a project closeRuth that A description ofperiod, this phenomenon issignificant includeddelay. inwere theInrecorded work of Sociologist Ruth GLASS the same similar situations other major otherwiseatcould not; or at leastwhile not without this sense,inrelative small GLASS at the same period, while similar situations were recorded in other major amounts of publiccountries, money can underpin and accelerate relatively large volumes of cities in Western byhelp other Researchers. cities in Western countries, bypreoccupied other Researchers. investment – the the so-called effect’’.

Since then, issue“leverage has several scholars and for its more then,been the issue has severalInvestment scholars andthe for its more ThisSince has indeed the philosophy behindsummarized the European Bank’s design of a comprehensive approach arepreoccupied being below, from various comprehensive approach are being summarized below, from the various series of new financial products.

Last addition to the financial tool-kit, is the InnovFin range interpretations of the phenomenon of gentrification, the following: of products, whichofthe Group (EIB and EIF) together with the European Commission interpretations theEIB phenomenon thecategory following: In a sense, the phenomenon is dueof togentrification, a trend of a new of social groups launched in 2014 in support of research, development and innovation across Europe, as tosuccessors “return” to the city, leaving the purlieus for several reasons: high in money of the Risk Sharing Finance Facility (RSFF) in the field ofcosts research and and time to travel from the the purlieus to downtown, whereprojects work place is,designed lack of the development, as well as and Loan Guarantee for TEN-T (LGTT) to 1.of The termat comes fromtoSociologist GLASS, Ruth search GLASS wasbetter born reduce investor exposure traffic riskRuth in the early1912-1940. years project operation.

Both in sense safety the distributed residencies outside town of centres, for Berlin, where shebeen made her first studies.

In 1932 sheInpublished entitled: instruments had successfully and well utilised. theheart case an of RSFF, for study example, at services of health, education, entertainment “at the ofimportant the city”, (possibly) Youth same yearEUR she left Germany and after the endUnemployment. of 2010, loans The worth almost 6.3bn were signed, withcontinuous EUR 3.5bnmovements disbursed.for lower living costisof, “withdrawal” from private car access markets, etc.where studies andthere research in Geneva, London and Neweasier Yorkof she came to back to London, For LGTT, pipeline of 16Prague, operations; with signatures guarantees for EUR 140m, in 1943 she published studies regarding city planning.

In 1950 she became teacher in the According to another approach, the phenomenon is due to a systematic and supporting capital investment of around 2.1bn.

University College of London, where she continued her social research.

Her public action and long-term informal effort by organized groups, manufacturers, brokers of buying InnovFin offers financing options tailored a wideSee range clients from innovative small her work are characterized by a passion forto justice. also:of COLLINS ENGLISH DICTIONARY. and selling real estate, etc., for theCodepreciation initially of part2014 of the urban web, in 10th edit. to Wil. COLLINS SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: start-ups large enterprises and public institutions.

Between and 2020, it is Gentrification: G. ALEXANDRI: Abstract. http://www.uncanny.net/ wetzel/gentry.htm aexpected variety that of ways, in order to achieve the “assisted”, “voluntary”, the InnovFin products will make available more than EUR 24bn of(actually financing Low or negative financial profitability

EU budget grant

2

European Investment Bank

for research and innovation by small, medium-sized and large companies and the

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification The Europe 2020 Project Bond initiative was signed in November 2012 in the form of an EU and EIB cooperation agreement Concerns was designed as a credit enhancement mechanism to ensure that project companies can issue senior bonds with a high enough rating to be

promoters of research infrastructure. The European Investment Bank has to date financed under these new products some 40 projects with some EUR 30bn.

attractive for institutional investors. It can potentially play a useful role in securing renewed interest from institutional investors in sound infrastructure assets.

The project bond

By Mr. George-Sp. C. ATHANASOPOULOS initiative does not impose an additional burden on domestic budgets, sovereign debt or Harvard University, Graduate School of Design, Student, contingent liabilities. On the contrary – it relies on a small EU budget contribution reBy Mr. George-Sp. C. ATHANASSOPOULOS Architect directed from existing programmes coupled with an EIB guarantee or loan.

Student of the School of Architecture

Together, these two elements will improve the quality of debt raised by project promoters, Technical University of Crete allow institutional investors to buy this debt and support considerable investment throughout Europe. The multiplierDefining effect – that is, the ratio of the budget contribution 1. Introductory approach: the concept versus investments supported – can be significant. Current estimates show that with a 1. Introductory approach: Defining the concept (444 BC - 370 BC, Athens), the the ancient Greek philosopher, EURANTISTHENIS, 230m guarantee from EU budget and an EIB contribution, up to EUR 4.3 bn of ANTISTHENIS, the ancient Greek philosopher, BC -“principle”: 370 BC, Athens), investment couldwise be supported– on 19x multiplier. among other heritage hea left us, he established(444 a great the

among wise heritage leftthe us, he established a great “principle”: acquisition of knowledge starts with concepts.

This is the other rationale for using publiche money asdefinition risk capitalofinthe thecontent times of of crisis.

A careful the acquisition of knowledge starts withelement theindefinition the content of concepts. scaling of thetherefore, EU guarantee and EIB loan allow for afinal, more efficient usethe of EU Based, on this “principle” a will first, if of not approach, term 1 budgetary resources.

The project bond initiative is therefore another fine example Based, therefore, on this “principle” in a first, if not final, approach, the term (or gentrification (and urban gentrification) is indicated (in the area of Planning)of synergy between 1the “EUurban Bank” gentrification) and the European gentrification (and isCommission. indicated (in the area of Planning) (or Sociology as well), as the “refining” of a city area, the removal from this, (in various

The EIB of has come up with 2usually structures deliver project bond credit enhancement: Sociology as well), as the “refining” of a city area, the fromthere this, of (inartists, various ways), social groups, of to low-income and theremoval placement

ways), groups, of low-income and thethis placement there artists, withofasocial tranche of EIB usually mezzanine debt standing between the equity and the of senior the operation of art galleries, restaurants, etc. However “change”, regardless of the operation of art galleries, restaurants, etc.

However this “change”, regardless debt, ie the project bonds. whatever other consequences has, results also rising of land prices (and theof whatever other consequences has, results rising landon prices potential relative speculation). an EIB guarantee through a contingent liquidityalso facility whichof comes top of (and a full- the potential relative speculation). funded structure with additional construction shortfalls.

This is a to The term gentrification is foundfunding at first to in cover the UK in early 1960s and it refers revolving guarantee thatof isiswealthy available end of the project lifeinand provides a ofto The term gentrification found atuntil firstthe in the UK in early 1960s and itareas refers the then observed trend people to buy property poor reduced probabilitytrend of default and losses given default. the then observed of wealthy people to buy property in poor areas London, upgrade them, stay themselves sometimes there and thus old residents areof The EIBindirectly is describing this structure as Project Bond Credit Enhancement (PBCE) and it is are London, upgrade them, stay themselves sometimes there and thus old residents being “squeezed”. a being tool for improving project credit ratings – and therefore stimulating capital market indirectly “squeezed”.

A description of this phenomenon is included in the work of Sociologist Ruth financing.

A description ofperiod, this phenomenon is situations included inwere the recorded work of Sociologist Ruth GLASS at the same while similar in other major It GLASS targets transport projects – predominantly thosesituations that fall within the TEN-T programme – at the same period, while similar were recorded in other major cities in Western countries, by other Researchers. and energy deals falling under TEN-E, as well as broadband projects and it is available to cities in Western countries, bypreoccupied other Researchers. scholars and for its more Since then, the issue has projects able to reach financial close by calendar several end 2016. Project bonds will not be Since the issueprojects, has several scholars andthe for its more comprehensive approach arepreoccupied being below, from various restricted to then, greenfield PPP but willsummarized also be available to refinance brownfield comprehensive approach are being summarized below, from the various projects during construction or in the early phase of operations.

The European Investment interpretations of the phenomenon of gentrification, the following: Bank has currently a pipeline of a handful of deals in six EU Member States in all the interpretations of the phenomenon of gentrification, the following: In a sense, the phenomenon is due to a trend of a new category of social groups above sectors under this initiative. to “return” to the city, leaving the purlieus for several reasons: high costs in money In parallel, since thefrom 1990s, European Investment Bank has sought to broaden thethe and time to travel thethe purlieus to downtown, where work place is, lack of geographic and sector spreads of its PPP lending.

As a result, the Bank is now Europe’s termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for wasbetter born in sense1.ofThe safety the distributed residencies townand centres, foremost funder of PPP projects, a portfolio ofoutside 120 of around Berlin, where she made her firstwith studies.

In 1932 she projects published aninvestments important study entitled: services of health, education, entertainment “at the heart of the city”, (possibly) EUR 25m.

Youth Unemployment. The same year she left Germany and after continuous movements for lower living cost of,come “withdrawal” private easier access studies andvolumes research in Geneva, Prague, London New York she came back to London, where But lending only at thefrom end and and are car therefore only partto ofmarkets, the story.etc.

For in 1943 she published studies regarding city planning.

In 1950 she became teacher in the According to another approach, the phenomenon is due to a systematic and getting at the finance phase, projects have to be designed in a bankable way, being at the University College of London, where she continued her social research.

Her public action and long-term informal effort by organized groups, manufacturers, brokers of buying same time technically, economically and environmentally viable. The EU therefore has her work are characterized by a passion for justice. See also: COLLINS ENGLISH DICTIONARY. developed a real series of complementary instruments initially as joint initiatives of the European and selling estate, etc., for theCodepreciation of part of the urban web, in 10th edit. Wil. COLLINS SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: Investment Bank andinthe Commission.

These designed “voluntary”, towetzel/gentry.htm boost infrastructure G. ALEXANDRI: Abstract. http://www.uncanny.net/ a Gentrification: variety of ways, order to achieve the are “assisted”, (actually

50

investment: from programme development, such as the European Centre of Expertise on

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GENTRIFICATION Definition, Types of Intervention, PPPs (EPEC) or project-level technical assistance in JASPERS, through to tailored Types of intervention, Concerns ofthrough Gentrification financialDefinition, support, through equity, notably the Marguerite Fund, as well as LGTT. Concerns European Fund for Strategic Investment (EFSI) The European Union Institutions with their studies as well as scholars and real economy actors believe that most of the money toBy overcome the investment gap must come from Mr. George-Sp. C. ATHANASOPOULOS private capital. This is not just due toUniversity, the budgetary constraints of Member States.

It is Harvard Graduate School of Design, Student, pivotal because private capital should beBy putMr. to George-Sp. work in a way C. that fosters growth, fosters ATHANASSOPOULOS Architect innovation, and fosters competitiveness.

Student of the School of Architecture

Tapping private funds shouldn´t be a problem. As studiesTechnical and data University demonstrate, the of Crete capital is there, there is ample liquidity in the system. As a matter of fact, Europe has become a net lenderapproach: of capital toDefining the rest of the the world.

1. Introductory concept

1. Introductory approach: the Also, the need for investment is Defining there.

Thephilosopher, taskconcept force of (444 the Member States, the ANTISTHENIS, the ancient Greek BC - 370 BC, which Athens), European Commission and the EIB jointly led, produced a list of 2000 potential projects ANTISTHENIS, the ancient Greek philosopher, BC -“principle”: 370 BC, Athens), among other wise heritage he left us, he established(444 a great the globally worth more than EUR 1.3trn. It is a diverse list, and projects need to be looked at among other wise heritage he leftthe us,definition he established a greatof“principle”: the acquisition of knowledge starts with of the content concepts. case by case. But the lack of demand has been shown to be a myth.

acquisition of knowledge starts with theindefinition the content of concepts.

Based, therefore, on this “principle” a first, if of not final, approach, the term Money is not directed to projects in Europe, because investments are perceived to be too 1 Based, therefore, on this “principle” in a first, if not final, approach, the term (and urban is indicated the area (or gentrification risky and too uncertain.

And gentrification) this brings a market failure not (in in liquidity, butofinPlanning) risk bearing.

1 (and urban gentrification gentrification) is indicated (in the area of Planning) (or Sociology as well), as the “refining” of a city area, the removal from this, (in various The need ofas a well), bridge as between ample liquidity on one side, and investment opportunities on Sociology the “refining” of a city area, the removal from this, (in various ways), of social groups, usuallyatofEU low-income and theEuropean placement thereinstruments of artists, the other, was clearly perceived level. All the new financial ways), of social groups, usually of low-income and under thethis placement of loans, artists, the operation of ranging art galleries, restaurants, However “change”, regardless of mentioned, and from risk finance foretc. innovation InnovFin tothere midcap the operation of art galleries, restaurants, etc.

However this “change”, regardless from innovative funds to trade projects risk(and profiles, whatever otherclimate consequences has,finance, resultsaddress also rising of with landhigher prices theof address market gaps, open up to new client groups, andrising reflect of changing policy priorities whatever other consequences has, results also land prices (and the potential relative speculation). and Member States’speculation). financing requirements. potential relative The term gentrification is found at first in the UK in early 1960s and it refers to A then bridge at gentrification a significant bigger scale to better connect liquidity The term iswealthy found atpeople first in the UK in early 1960s andinvestment itareas refersofto the observed trend of to buy property in and poor opportunities in Europe cameofthough as an essential part property of the Investment Plan putof the then observed trend wealthy people to buy in poor areas London, upgrade them, stayisthemselves sometimes there andfor thus old residents are forward by the Commission to set up a new European Fund Strategic Investment London, upgrade them, stay themselves sometimes there and thus old residents are being indirectly “squeezed”.

(EFSI), which seeks very much to draw upon the above mentioned collective experience. being indirectly “squeezed”.

A description of this Fund, phenomenon included of Sociologist This will be a dedicated managed isand hosted in by the the work European Investment Ruth Bank A and description ofperiod, this phenomenon included inwere the recorded workThe of Fund Sociologist Ruth (EIB) by the EIB and the is European Commission. will finance GLASS at co-financed the same while similar situations in other major strategic projects across the EU in infrastructure such as broadband, energy and transport; GLASS at the same period, while similar situations were recorded in other major cities in Western countries, by other Researchers. education, research and innovation; renewable energy and energy efficiency. Part of the cities in Western countries, bypreoccupied other Researchers.

Since then, the issue has several scholars and for its middle more newSince financing will be dedicated to supporting investment

by SMEs and its then, the issue has preoccupied several scholars andthe for more comprehensive approach are being summarized below, from various capitalisation (mid-cap) companies through the European Investment Fund (EIF), an entity comprehensive approach are being summarized below, from the various interpretations theofphenomenon gentrification, dedicated to thisof kind financing withinofthe EIB-Group. the following: interpretations of the phenomenon of gentrification, thecategory following: In rationale a sense, the phenomenon dueto tocapture a trendriskier of a new of social groups The of the EFSI is to beisable projects and engage in activities tothat “return” the city, leavinginterest, the purlieus for several reasons: costs This in money are oftogreater strategic and thus more complex to high structure. goes beyond EUfrom programmes and the more traditional activities the EIB andof other and timeexisting to travel the purlieus to downtown, where work of place is, lack the financial institutions.

1.of The termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for wasbetter born in sense safety the distributed residencies outside town centres, Berlin, where shewhich made her studies.

In 1932 she published important entitled: The new will first aim entertainment at strategic investment choices, be study attractive to services ofFund, health, education, “at the heartan ofshould the city”, (possibly) Youth Unemployment.

The same year shecomplex left Germany and after continuous movements for private investors as it assumes the more and risk-bearing part of the transaction. lower living cost of, “withdrawal” from private car easier access to markets, etc. studies and research in Geneva, Prague, London and New York she came back to London, where The Fund provide partial risk protection (first loss protection) toto the EIB teacher Group (EIB in 1943 shewill published studies regarding cityphenomenon planning.

In 1950 she became in the According to another approach, the is due a systematic and University College of London, where she continued her social research.

Her public action and and EIF).

This risk protection will allow the EIB to offer products that absorb more risk than long-term informal effort by organized groups, manufacturers, brokers of buying her are characterized by a added passion for justice.

See also: ENGLISH DICTIONARY. theirwork traditional products. High value projects but withCOLLINS higher risks, that currently are and selling real estate, etc., forasthe depreciation initially ofA part of therisk urban web, in 10th edit.toWil. COLLINS SONS Ltd.become London 2009.

WIKIPEDIA: The Encyclopedia: not able attract finance, willAND aCo result investible. part of theFree capacity of G. ALEXANDRI: Abstract. wetzel/gentry.htm a Gentrification: variety of ways, order to achieve the “assisted”, “voluntary”, (actually the Fund can also bein used together with http://www.uncanny.net/ National Promotional Banks.

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification Concerns

The purpose of the new Fund is to complement current EIB Group activities by focusing exclusively on strategic investments that are necessary for Europe’s return to growth but have a different risk profile to the projects currently financed by the EIB. The guarantee by the EU budget will ensure that investment in such projects will generate interesting returns and should therefore more easily crowd-in a greater number of private sector investors.

The new fund is only one part of a jigsaw. Alone, it will not solve the problem. A key element of the new approach is therefore that baselineC. funding activity will keep

By European Mr. George-Sp. ATHANASOPOULOS sprinkling real economy, being the foundation on which this new initiative rests. Member Harvard University, Graduate School of Design, Student, States and National Promotional Banks will also be able to contribute additionally, either at

By Mr. George-Sp. C. ATHANASSOPOULOS Architect the level of the Fund or by co-financing various projects. Clearly and critically, decisive Student of the School of Architecture action on the regulatory front, at national and EU-wide levels, to create an environment Crete more conducive to private investment is a pre-requisite for theTechnical successful University operation ofofthe new fund. As the Investment Plan for Europe prioritized, Europe has to become much 1.business Introductory Defining the concept more friendlyapproach: than it is today.

1. Introductory approach: Defining the concept

the as ancient Greek philosopher, (444 BC - 370 BC, Athens), The ANTISTHENIS, EU budget will provide guarantee funding which will progressively constitute EUR ANTISTHENIS, theEU ancient Greek philosopher, (444 BC -“principle”: 370 BC, Athens), 16bn, backed upwise by existing funds, while EIB will contribute an additional EUR 5bn among other heritage he left us,the he established a great the in risk-bearing Together thisleft can at of least 315bn in additional the among other wise heritage us,catalyse he established a great acquisition ofcapacity. knowledge startshe with the definition theEUR content of“principle”: concepts. investment finance. acquisition of knowledge starts with the definition of the content of concepts.

Based, therefore, on this “principle” in a first, if not final, approach, the term Risk Capacity Multiplier Investment 1 (and urban therefore, on Bearing this “principle” inindicated a first, if (in notthe final, approach, the term gentrification) is area of Planning) (or gentrification (averaged) in the real economy 1 gentrification (and urban gentrification) is indicated (in the area of Planning) (or Sociology as well), as the “refining” of a city area, the removal from this, (in various Long-term investments 16 bn 240 bn Sociology as well), as the “refining” of a city area, the removal from this, (in various ways), of social groups, usually of low-income and the placement there of artists, SMEs & mid-cap 5 bn 75 bn 15 ways), of social groups, usually of low-income and thethis placement of artists, the operation of art galleries, restaurants, etc. However “change”,there regardless of companies the operation of art galleries, restaurants, etc.

However this “change”, regardless of whatever other consequences has, results also rising of land prices (and the Total 21 bn 315 bn whatever otherspeculation). consequences has, results also rising of land prices (and the potential relative potential relative speculation).

The term gentrification is found in the UK in(EFSI) early 1960s and it refers to A new European Fundat forfirst Strategic Investments The term gentrification found atpeople first in the UK in early 1960s and itareas refersofto the then observed trend ofiswealthy to buy property in poor the then observed trend of wealthy people to buy property in poor areas London, upgrade them, stay themselves sometimes there and thus old residents areof London, upgrade them, stay themselves sometimes there and thus old residents are being indirectly “squeezed”. being indirectly “squeezed”.

A description of this phenomenon is included in the work of Sociologist Ruth A description ofperiod, this phenomenon is situations included inwere the recorded work of Sociologist Ruth GLASS at the same while similar in other major GLASS at the same period, while similar situations were recorded in other major cities in Western countries, by other Researchers. cities in Western countries, bypreoccupied other Researchers.

Since then, the issue has several scholars and for its more Since then, the issue has several below, scholars andthe for various its more comprehensive approach arepreoccupied being summarized from comprehensive approach are being summarized below, from the various interpretations of the phenomenon of gentrification, the following: interpretations of the phenomenon of gentrification, the following: In a sense, the phenomenon is due to a trend of a new category of social groups to “return” to the city, leaving the purlieus for several reasons: high costs in money and time to travel from the purlieus to downtown, where work place is, lack of the termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for wasbetter born in sense1.ofThe safety the distributed residencies outside town centres, Berlin, where she made her first studies. In 1932 she published an important study entitled: services of health, education, entertainment “at the heart of the city”, (possibly) Youth Unemployment. The same year she left Germany and after continuous movements for lower living cost of, in “withdrawal” from private access markets, etc.where studies and research Geneva, Prague, London and car Neweasier York she came to back to London, in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the to another approach, the is due a systematic and University College of London, where she continued her social research.

Her public action and long-term informal effort by organized groups, manufacturers, brokers of buying her work are characterized by a passion for justice. See also: COLLINS ENGLISH DICTIONARY. and selling realCOLLINS estate, etc., for theCodepreciation initially of part of the urban web, in 10th edit. Wil. SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: The new Fund will set up within EIB. Itsthe mission is to provide catalytic funding and G. be ALEXANDRI: Abstract. http://www.uncanny.net/ wetzel/gentry.htm a Gentrification: variety of ways, in order to the achieve “assisted”, “voluntary”, (actually EFSI Based,

52

to reduce the risk inherent in viable, necessary projects that are currently just on the wrong

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification Concerns

side of the risk equation for potential investors. In other words: The fund will reduce the risk involved in existing strategic, value added, viable investment opportunities, and attract private capital to strategic projects which would otherwise have been delayed or never got off the ground.

To achieve this, EFSI will be initially endowed with a EUR 16bn guarantee from the Commission and EUR 5bn from the EIB´s own resources. By reducing risk, EFSI funds will help mobilise at least EUR 315bn bn in private and public investments over three years.

By Mr. George-Sp. C. ATHANASOPOULOS According to European Commission estimates, theGraduate InvestmentSchool Plan has the potential to Harvard University, of Design, Student, create 1 to 1.3 million new jobs in the coming three years.

By Mr. George-Sp. C. ATHANASSOPOULOS

Architect

The Investment Initiative has often been criticised forStudent relying on an unrealistic of the School of multiplier.

Architecture EIB President Hoyer in February 2015 though, blankly stated that “This isUniversity not correct”.

Technical ofAs Crete he explained, in fact, the EFSI is no different in nature from what the EIB Group delivers in other of its activity.

The 15-fold multiplier is more conservative than the 18-fold 1. areas Introductory approach: Defining the concept multiplier the EIB predicted – and delivered – at the time of the 2013 capital increase.

1. Introductory approach: Defining the concept

ANTISTHENIS, the ancient Greek philosopher, (444 BC - 370 BC, Athens),

The EFSI comes about the by making smarter use of the EU budget by ANTISTHENIS, ancient Greek philosopher, BCresources -“principle”: 370 BC,and Athens), among other wise heritage he left us, he established(444 a great the redirecting the excess risk bearing capacity of the EIB. By doing a risk-buffer of EUR 21bn among other wise heritage he left us, he established a great “principle”: the acquisition of knowledge starts with the definition of the content of concepts. is created, which allows catalysing at least EUR 315bn in investments. The objective is to acquisition of knowledge starts with the definition of the content of concepts.

Based, therefore, on this “principle” in a first, if not final, approach, the term mobilise additional investments that would not have happened in a “business as usual”1context, Based, therefore, on role this “principle” inindicated aand first, if (in not final, the term scenario.

In this the of the new Fund other policies is approach, to of mobilise public (and urban gentrification) is the area Planning) (or gentrification 1 (and money and kick-start private investment and co-financing without creating new debt.

The (or gentrification urban gentrification) is indicated (in the area of Planning) Sociology as well), as the “refining” of a city area, the removal from this, (in various EFSI will useasinstruments which are familiar to the Bank: removal high risk from loans,this, guarantees, Sociology well), as the “refining” of a city area, (inartists, various ways), of social groups, usually of equity low-income andthe the placement of subordinated and mezzanine debt and or equity-like investments alsothere for SMEs, so ways), of social groups, usually of low-income and the placement there of artists, thetooperation art galleries, restaurants, etc. However this “change”, regardless of as crowd-in asofmuch private investments as possible.

the operation of art galleries, restaurants, etc. However this “change”, regardless of

whatever other consequences has, results also rising ofsources land prices (andbutthe Each of these products has a different effect in mobilising further of funding whatever other consequences has, results also rising of land prices (and the potential relative speculation). their common effect is that they serve as the buffer to absorb risk so others can provide potential relative speculation).

Thewhile term gentrification is found at first in the UK in early 1960s and it refers to funding taking reduced risks.

The term gentrification is found at first in the UK in early 1960s and it refers to

the trend of wealthy people buy property poor In thisthen way, observed investors are not crowded out but, on the to contrary, the way is in paved for areas privateof the then observed trend of wealthy people to buy property in poor London, upgrade them, stay themselves andinthus old residents capital which otherwise would be reluctant sometimes to invest inthere projects Europe.

The areas EFSIareof London, upgrade them, stay themselves sometimes there and thus old residents are funded investment will amount to around EUR 105bn on a yearly basis until 2017. being indirectly “squeezed”.

being indirectlyaround “squeezed”.

Awilldescription of thisa phenomenon included ininthe work ofinvestment Sociologist Ruth This represent third of total EIBisGroup impact mobilising across A description ofperiod, this phenomenon is close included inwere the recorded work ofCommission, Sociologist Ruth Europe, enable the EIB to further work in partnership with the to GLASSand at the same while similar situations in other major respond to Europe´s market failure.

This surely sends a strong signal to strengthen GLASS at the same period, while similar situations were recorded in other major cities in Western countries, by other Researchers. confidence and to improve the competitiveness of Europe´s economy. cities in Western countries, by other Researchers.

Since then, the issue has preoccupied several scholars and for its more Mobilising Finance for Investment-leverage Since then, the issue has preoccupied several below, scholars andthe for various its more comprehensive approach are being summarized from comprehensive approach are being summarized below, from the various interpretations of the phenomenon of gentrification, the following: interpretations of the phenomenon of gentrification, the following: In a sense, the phenomenon is due to a trend of a new category of social groups to “return” to the city, leaving the purlieus for several reasons: high costs in money and time to travel from the purlieus to downtown, where work place is, lack of the termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for wasbetter born in sense1.ofThe safety the distributed residencies outside town centres, Berlin, where she made her first studies. In 1932 she published an important study entitled: services of health, education, entertainment “at the heart of the city”, (possibly) Youth Unemployment. The same year she left Germany and after continuous movements for lower living cost of, in “withdrawal” from private access markets, etc.where studies and research Geneva, Prague, London and car Neweasier York she came to back to London, in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the to another approach, the is due a systematic and University College of London, where she continued her social research.

Her public action and long-term informal effort by organized groups, manufacturers, brokers of buying her work are characterized by a passion for justice. See also: COLLINS ENGLISH DICTIONARY. and selling realCOLLINS estate, etc., for theCodepreciation initially of part of the urban web, in 10th edit. Wil. SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: G. ALEXANDRI: http://www.uncanny.net/ wetzel/gentry.htm a Gentrification: variety of ways, in order Abstract. to achieve the “assisted”, “voluntary”, (actually

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GENTRIFICATION Definition, Types of Intervention, Definition, Types oftheintervention, Concerns of Gentrification The investment needs in infrastructure in Europe over next decade are tremendous – delivering this investment is key to ensuring economic growth and competitiveness in the region, as well as meeting long-term climate goals.

Concerns Conclusions

Public budgets – both at national and EU level – will remain constrained over the medium term and in some cases longer; hence it is paramount to involve the private sector. Yet,

By Mr. ATHANASOPOULOS due to the financial crisis, important sources of George-Sp. liquidity have C. dried up; and securing attractive long-term finance for Harvard project companies remains difficult.

University, Graduate School of Design, Student,

By financial Mr. George-Sp. ATHANASSOPOULOS Architect The new European joint EU instruments and products, C. with EFSI spearheading of theeconomy, School ofcan Architecture the European response to the investment drying out ofStudent the European play a useful and significant role in stimulating investment in Technical key European sizeable University of Crete infrastructure and industrial projects, as well as SMEs.

1. Introductory approach: the Building on previous financial toolsDefining developed in concept synergy by the European Commission 1.

Introductory approach: Defining the concept and ANTISTHENIS, the EIB, the EFSI constitutes a prime paradigm shift in the use BC of limited funds, the ancient Greek philosopher, (444 - 370 public BC, Athens), away from grants and subsidies towards loans and guarantees, in order leverage ANTISTHENIS, the ancient Greek philosopher, (444 BC -“principle”: 370toBC, Athens), among other wise heritage he left us, he established a great the private capital and wise multiply the effecthe of left the initial funding. among other heritage us, he established a great “principle”: the acquisition of knowledge starts with the definition of the content of concepts.

Together with continuing

by Member States andifthe EU to introduce structural acquisition of knowledge starts with thein definition of the content of concepts.

Based, therefore, onefforts this “principle” a first, not final, approach, the term reforms and to modernise regulation, mobilising capital innot thefinal, way approach, the Juncker-Plan 1 Based, therefore, on this “principle” in a first, if the term urban gentrification) is indicated (in the area of Planning) (or gentrification (andthe intends will generate necessary confidence to address the economic challenges that 1 (and urban gentrification gentrification) is indicated (in the area of Planning) (or Sociology well), as the “refining” of atrack cityto area, the global removal from this, (in various Europe facesasand set the Union on the right recover competitiveness.

Sociology as well), as the “refining” of a city area, fromthere this, of (inartists, various ways), of social groups, usually of low-income andthe theremoval placement

There is, of course, more to investment than just tangible capital. In advanced economies, ways), of social groups, usually of low-income and thetoplacement there of artists, the operation of art galleries, etc. However “change”, regardless growth is crucially dependent onrestaurants, intangible capital and has this be sustainable.

Hence, of the operation of art galleries, restaurants, etc.

However this “change”, regardless whatever other consequences has, results also rising of land prices (and theof Europe’s growth strategy requires:

whatever other consequences has, results also rising of land prices (and the potential relative speculation).

The term gentrification is found at first in the UK in early 1960s and it refers to · And a shift to a more resource-efficient economy.

The term gentrification found atpeople first in the UK in early 1960s and itareas refersofto the then observed trend ofiswealthy to buy property in poor Lending to RD&I must remain one of European centraltopriorities for the future.

Research the then observed trend of wealthy people buy property in poor areas London, upgrade them, stay themselves sometimes there anddrivers thus old residents areof and development, andthem, the innovation associated with it, are there the main of productivity London, upgrade stay themselves sometimes and thus old residents are being indirectly growth.

Investment“squeezed”. in this sector is therefore critical for Europe if it does not want to be being indirectly “squeezed”.

A description of this phenomenon side-lined by new players in the global game.is included in the work of Sociologist Ruth A description ofperiod, this phenomenon is included inwere the recorded work of Sociologist Ruth GLASS at the same while similar in other Since RD&I spending by businesses tends tosituations be strongly cyclical, public supportmajor is GLASS at the same period, while similar situations were recorded in other major cities in Western other Researchers. particularly importantcountries, in times ofby economic downturns. cities in Western countries, bypreoccupied other Researchers.

Since then, the issue has andimportant for its more Now, if safeguarding funding for innovation in a several recessionscholars is especially for Since then, the issue has preoccupied several scholars and for various its more comprehensive approach are being summarized below, from the developed countries at the frontier of technology, another challenge of truly global comprehensive approach being summarized below, from therole various dimensions concerns energy andare climate policy.

This will an essential in interpretations of the phenomenon of gentrification, theplay following: interpretations of the phenomenon of gentrification, the following: achieving green growth and green innovation.

In a sense, the phenomenon is due to a trend of a new category of social groups In of crises as city, well as in “good there alwaysreasons: be investment that financial totimes “return” to the leaving thetimes,” purlieus forwill several high costs in money markets alone will failfrom to fund, though it would boost growth potential, and time to travel the even purlieus to downtown, where work place employment is, lack of the and well-being forcomes generations.

TheRuth needGLASS, for greater cooperation term from Sociologist 1912-1940.

Ruthamong GLASSfinancing wasbetter born in sense1.ofThe safety atfuture the resources distributed residencies outside town centres, search for institutions to mobilize no single institution can mobilize on itsstudy own entitled: - is Berlin, where she made her first that studies.

In 1932 she published an important services of health, education, entertainment “at the heart of the city”, (possibly) growing.

Youth Unemployment. The same year she left Germany and after continuous movements for lower living cost of, in “withdrawal” from private access to markets, etc. studies andchallenge research Prague, and car Neweasier York she came back to London, where The current is Geneva, to contribute toLondon good standards of living without depleting the in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the to another approach, the is due a systematic and Earth’s resources or running up massive levels of public debt. Long-term development University College of London, where she continued her social research.

Her public action and long-term informal by organized groups, manufacturers, brokers of buying cannot be sacrificed for effort short-term benefit. her work are characterized by a passion for justice. See also: COLLINS ENGLISH DICTIONARY. and selling real estate, etc., for the depreciation initially oftopart of the urban web, in 10th edit.

Wil. COLLINS SONS AND Co Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: It would be naïve to believe that there is a simple, single answer fix Europe's investment G. ALEXANDRI: Abstract. http://www.uncanny.net/ wetzel/gentry.htm a Gentrification: varietyThe of Investment ways, in order toforward achieve theCommission “assisted”, (actually problems.

Plan put by the is “voluntary”, part of a comprehensive relativeofspeculation). ·potential An acceleration investment in research, development, innovation and education;

54

approach to accompany growth and the creation of jobs in Europe by combining structural

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification Concerns References

reforms, fiscal responsibility and a boost to investment. All national governments must contribute their fair share. The EU cannot pull it off alone.

Organisations

By Mr.Regionum George-Sp. C. ATHANASOPOULOS 1. Assembly of European Regions, "Tabula Europae.", Strasbourg, 2008 2. EBA (European Banking Authority), Exercise 2013 Harvard University,“EU-wide GraduateTransparency School of Design, Student, Summary Report”, December,2013.

By Mr. George-Sp. C. ATHANASSOPOULOS Architect 3. European Central Bank, The Euro Area Bank Student Lending Survey, 2nd Quarter of 2013 of the School of Architecture 4. European Commission, “Towards a Deep and Genuine Economic and Monetary Technical University of Crete Union – The Introduction of a Convergence and Competitiveness Instrument”, Communication from the Commission to the European Parliament, the Council, 1. Introductory approach: Defining the concept COM(2013) 165 final, 2013 1.

Introductory approach: Defining the concept 5.ANTISTHENIS, European Economic and Social Committee, PHILIPPE DE- BUCK, the ancient Greek philosopher, (444 BC 370 BC,DIRECTOR Athens), GENERAL, address the “WAYS TO (444 REBUILD THE EUROPEAN ANTISTHENIS, theatancient Greek philosopher, BC -“principle”: 370 BC, Athens), among other wise heritage heConference left us, he established a great the SOCIAL ECONOMY” 22–23 January 2009 among other wise heritage leftthe us, he established a greatof“principle”: acquisition ofMARKET knowledge startshe with definition of the content concepts. the 6. European Investment Bank (EIB), "50 years of sustainable investment, 1958-2008.", acquisition of knowledge starts with the definition of the content of concepts.

Based, therefore, Luxembourg, 2008on this “principle” in a first, if not final, approach, the term 1 Based, therefore, on this “principle” inindicated a first, ifconvergence notthe final, approach, term urban gentrification) is (in area Planning) (or gentrification 7. European (and Investment Bank (EIB), "Cross-country inofthe EU the stopped 1 (and urban gentrification) is indicated (in the area of Planning) (or gentrification during the recession in 2008-2009.", EIB Economic and Financial Studies, Weekly Sociology as well), as the “refining” of a city area, the removal from this, (in various Note onasEconomic Financial Developments, Luxembourg, 9 March 2011of Sociology well), asand the “refining” of a city area, the fromthere this, (inartists, various ways), of social groups, usually of low-income and theremoval placement 8. European Investment Bank (EIB), "Income inequality inplacement the wake of the economic ways), of social groups, usually of low-income and the there of artists, the operation of art galleries, restaurants, etc. However this “change”, regardless of crisis.", EIB Economic and Financial Studies, Weekly Note on Economic and Financial the operation of art galleries, restaurants, etc.

However this “change”, regardless of whatever other consequences has, results also rising of land prices (and the Developments, Luxembourg, 30 March 2011 whatever other consequences has,"One results also rising of land how prices (andare the potential relative speculation).

9. European Investment Bank (EIB), question, many answers: effective potential relative speculation).

EUterm Structural Funds?",isEIB Economic and Studies, Note on The gentrification found at first in theFinancial UK in early 1960sWeekly and it refers to Economic and Financial Developments, Luxembourg, March The term gentrification iswealthy found atpeople first in the UK23in early2011 1960s and itareas refersofto the then observed trend of to buy property in poor 10. European Investment Bankwealthy (EIB), "Regional convergence in Europe: Theory andof the then observed trend people to buy property in poor areas London, upgrade them, stay of themselves sometimes there and thus old residents are empirical evidence.", Vol. 5, N° 2, Luxembourg 2000 London, upgrade them, stay themselves sometimes there and thus old residents are being indirectly “squeezed”.

11. European Investment Bank (EIB), "Regional development in Europe: An assessment being indirectly “squeezed”.

A of description of this EIB phenomenon in the work policy strategies.", Papers, Vol.is5,included N° II, Luxembourg, 2000of Sociologist Ruth A description ofperiod, this phenomenon is"Regional includeddisparities inwere the recorded work of Sociologist Ruth 12. European Investment Bank within EUother havemajor likely GLASS at the same while (EIB), similar situations in widened during the recession in 2008-2009.", EIB Economic and Financial Studies, GLASS at the same period, while similar situations were recorded in other major cities in Western countries, by other Researchers.

Weekly Note on Economicby and Financial Developments, Luxembourg, 16 March 2011 cities in Western countries, other Researchers.

Since then,Investment the issue Bank has preoccupied several scholars for its on more 13.

European (EIB), "The Impact of EIB Borrowingand Operations the Since then, the issue has preoccupied several scholars and for its more comprehensive approach are being summarized below, from the various Integration of New Capital Markets.", EIB Evaluation Report, Luxembourg, October comprehensive approach are being summarized from the various 1999 interpretations of the phenomenon of gentrification, thebelow, following: interpretations of the phenomenon of gentrification, the following: 14.

European Investment Bank (EIB), "The positive impact of FDI on economic growth In a sense, the phenomenon is due to a trend of a new category of social groups appears to have been particularly strong in CEECs.", EIB Economic and Financial to “return” to the city, leaving the purlieus for several reasons: high costs in money Studies, Weekly Note on Economic and Financial Development, Luxemburg, 6 and time to travel from the purlieus to downtown, where work place is, lack of the September 2002 termat comes from Sociologist Ruth GLASS, Ruth GLASS wasbetter born sense ofThe safety the distributed residencies outside town centres, for 15.1.European Parliament, “Regional Disparities and1912-1940.

Cohesion: What search Strategies for thein Berlin, where Study she made herPolicy first studies.

In 1932 she published an important study entitled: Future?” by the Department Structural and Cohesion Policies, Directorate services of health, education, entertainment “at the heart of the city”, (possibly) Youth Unemployment. The same year she left Germany and after continuous movements for General Internal Policies of the Union, May 2007. lower living cost of, in “withdrawal” from private access markets, etc.where studies and research Geneva, Prague, London and car Neweasier York she came to back to London, 16.

International Monetary Fund, “Global Financial Stability Report”, Washington, 2013 the in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in to another approach, the is due a systematic and 17.

OECD Economic Surveys, Euro area,April 2014 University College of London, where she continued her social research. Her public action and

long-term informal effort by organized groups, manufacturers, brokers of buying her work are characterized by a passion for justice. See also: COLLINS ENGLISH DICTIONARY. and selling realCOLLINS estate, etc., for theCodepreciation initially of part of the urban web, in 10th edit. Wil. SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: G. ALEXANDRI: http://www.uncanny.net/ wetzel/gentry.htm a Gentrification: variety of ways, in order Abstract. to achieve the “assisted”, “voluntary”, (actually

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification Concerns

By Mr. George-Sp. C. ATHANASOPOULOS Harvard University, Graduate School of Design, Student,

By Mr. George-Sp. C. ATHANASSOPOULOS Architect Student of the School of Architecture Technical University of Crete

1. Introductory approach: Defining the concept 1. Introductory approach: the concept (444 BC - 370 BC, Athens), ANTISTHENIS, the ancientDefining Greek philosopher, ANTISTHENIS, the ancient Greek philosopher, BC -“principle”: 370 BC, Athens), among other wise heritage he left us, he established(444 a great the among other wise heritage leftthe us,definition he established a greatof“principle”: acquisition of knowledge startshe with of the content concepts. the acquisition of knowledge starts with theindefinition the content of concepts.

Based, therefore, on this “principle” a first, if of not final, approach, the term Articles/ books 1 Based, therefore, on this “principle” in a first, if not final, approach, the term (or gentrification (and urban gentrification) is indicated (in the area of Planning) 1 (and urban gentrification) is indicated (in the area of Planning) (or gentrification 1.

Athanasopoulos, Const., GE., contribution Delitheou, D., Kavvadia, H., “European Sociology as well), as the “refining” of a city area, the removal from this, (in various Union Sociology as Athens, well), as2014 the “refining” of a city area, fromthere this, of (inartists, various ways), ofLaw”, social groups, usually of low-income andthe theremoval placement 2.ways), Ashton, V., "Savings andusually Investment - the missed link?", EuroInvest, London, Autumn of social groups, of low-income and the placement there of artists, the2002 operation of art galleries, restaurants, etc. However this “change”, regardless of Balassa, B., "The Theory of Economic Integration.", George Allen & Unwin, the operation of art galleries, restaurants, etc.

However this “change”, regardless of whatever other consequences has, results also rising of land prices (and the London, 1973 whatever other consequences has, results also rising of land prices (and the potential relative speculation).

3.

Baldwin, R., Wyplosz, C., "The Economics of European Integration.", McGraw-Hill potential relative speculation).

Education: Berkshire, 2006 is found at first in the UK in early 1960s and it refers to The term gentrification 4.

Fredriksen, K. (2012), “Income Inequality in the European OECD The term gentrification found atpeople first in the UK in early 1960s and itareas refersofto theBonesmo then observed trend ofiswealthy to buy property inUnion”, poor Economics Department the then observed trend of wealthy people to buy property in poor areas of London, upgrade them, stay themselves sometimes there and thus old residents Working Papers, No. 952, OECD Publishing, Paris,are 5.

London, upgrade them, stay themselves sometimes there and thus old residents are being indirectly “squeezed”. http://dx.doi.org/10.1787/5k9bdt47q5zt-en. indirectly 6.being Carmignani, F.,“squeezed”. on incomeis converge effects in regional integration A description of"A thisnote phenomenon included in the work of Sociologist Ruth A description ofperiod, this phenomenon included inwere the recorded work Ruth agreements.", Economics Letters, 94, is p.situations 361-366, London, 2007 of Sociologist GLASS at the same whileVol. similar in other major 7.

Davoudi, S, “Understanding Territorial Cohesion”, Planning, Practice / Research, Vol. GLASS at the same period, while similar situations were recorded in other major cities in Western countries, by other Researchers.

20, No. 4, November 2005. by other Researchers. cities in Western countries, Since then, the issue news has preoccupied several scholars andintegration.", for its more 8. De Larosière, J., "Good and bad on Europe's financial markets Since then, the issue has preoccupied several scholars and for its more o comprehensive approach are being summarized below, from the various 2005 Europe's World The only Europe-Wide Policy Journal, N 1, Brussels, Autumn comprehensive approach are being summarized below, from the various 9.

Delitheou, V. D., "The Private International Investment Concept and Categories.", interpretations of the phenomenon of gentrification, the following: o interpretations of the phenomenon of gentrification, the following: 5, Review of Decentralization Local Government and Regional Development, N In a sense, the phenomenon is due to a trend of a new category of social groups Athens, 1996 to “return” to the city, leaving the purlieus for several reasons: high costs in money 10. Hardy, S., Larsen, L. B., Freeland, F., "Regions: The Dilemmas of Integration and andCompetition?", time to travel from the purlieus downtown, where work place is,University lack of the The Regional Studies to Association International Conference, termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruth search GLASS for wasbetter born in sense ofThe safety the distributed residencies outside town centres, of1.

Economics in Prague, Praha, 27-29 May 2008 Berlin, whereH., she"European made her first studies.and In 1932 she published an important study The entitled: 11.

Kavvadia, Integration the Peripheral Disparities in Greece. services of health, education, entertainment “at the heart of the city”, (possibly) Youth Unemployment. The same year she left Germany and after continuous movements for wayliving ahead.", Review of Decentralisation Localeasier Government and Regional lower cost of, “withdrawal” from private access markets, etc.where studies and research in Geneva, Prague, London and car New York she came to back to London, Development, No 56, Athens, October 2009 in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the to another approach, the is due a systematic and 12.

Kokko, A., Gustavsson, P., "Regional integration, foreign direct Her investment, and and University College of London, where she continued her social research. public action o long-term informal effort by organized manufacturers, brokers of buying regional development.", 9,groups, N 1,See Luxemburg, May 2004 her work are characterizedEIB by aPapers, passionVol. for justice. also: COLLINS ENGLISH DICTIONARY. and selling real estate,and etc., for theCodepreciation initially of part the urban web, in 13.

Mergos, G., COLLINS "Social Economic Evaluation Investment andof Politics.", Benou, 10th edit. Wil. SONS AND Ltd. London of 2009.

WIKIPEDIA: The Free Encyclopedia: Athens, 2002 G. ALEXANDRI: http://www.uncanny.net/ wetzel/gentry.htm a Gentrification: variety of ways, in order Abstract. to achieve the “assisted”, “voluntary”, (actually

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14. Molle, W., "The Economics of European Integration.", Aldreshot, Dartmouth, 1991

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