Demonstrating the link between direct project outputs and outcomes and broader impact objectives often requires further in-depth investigations than can be carried out in regular project monitoring. For example, in-depth impact studies may investigate how a project reaches different social groups as final beneficiaries, or how the benefits that final beneficiaries receive from a project may influence their circumstances. They may aim to demonstrate the causal link between direct project results and impact, which can have a strong payoff in terms of informing the Bank on the types of project intervention that may be particularly impactful.

The Economics Department carries out such microeconomic impact studies on a flexible, selective, on-demand basis, and works with external partners to carry out studies, for example our EIB-GDN programme. Another focus is on the impact of support for lending to small and medium-sized enterprises in Europe and the effect it has had on the survival and growth of these small companies. Microeconomic impact studies complement both project results monitoring and macroeconomic impact modelling.