# In an op-ed, Prof. Michael Spence discusses the European Commission's sixth report on economic, social and territorial cohesion

1 Faculty News September 19, 2014 ![Project Syndicate logo](/sites/default/files/styles/246w/public/assets/images/con_030500.jpg?itok=ONV7lJ6H)>

Excerpt from [Project Syndicate](http://www.project-syndicate.org/commentary/michael-spence-calls-for-eurozone-members-to-cut-public-sector-liabilities-while-hiking-public-sector-investment) -- "The EU’s cohesion strategy is admirable and smart. Whereas such investment in the past was heavily tilted toward physical infrastructure – particularly transport – the agenda has shifted to a more balanced set of targets, including human capital, employment, the economy’s knowledge and technology base, information technology, low-carbon growth, and governance. That said, one can ask what the economic and social returns on these investments will be."

[Read more](http://www.project-syndicate.org/commentary/michael-spence-calls-for-eurozone-members-to-cut-public-sector-liabilities-while-hiking-public-sector-investment)