Outcomes, not process: Towards a new model for European funding in an age of austerity

Abstract

In October 2010, the European Commission presented its initial results of the four year-long EU Budget Review. This came as all levels of government from the local up over, attempted to address shared challenges with static or decreasing resources as a result of the economic crisis. This commentary explores how Social Impact Bonds can potentially lead to greater impact for EU funds at the local level, meaning substantial financial savings in the future due to decreased draws on public services.