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Some Empirical Findings: a Comparison between Eurotunnel and the Lombardy Case

(BreBeMi, Pedemontana, TEEM)

Marco Ceruti


Keywords: Eurotunnel, Lombardy Case

In order to demonstrate the peculiarity of the concession in the Italian context, it may be useful to provide a quick comparison between what is considered the European concession par excellence, i.e. Eurotunnel (The Channel Fixed Link, 1986) – a project finance where the concessionaire has agreed to conceive the operation at all stages, from the preliminary analysis of feasibility to the design, financing, unto construction and management (although it has largely preceded the jurisprudence of the Court of Justice and the Directive 2014/23/EU, history has shown that effectively the operating risk has been placed into the hands of the concessionaire, who has repeatedly had to renegotiate on debt restructuring with his private sector creditors in order to avoid bankruptcy) – and the recent interventions regarding the Lombardy region (BreBeMi, Pedemontana, TEEM). The second ones are the most glaring examples of Italian home-grown motorway infrastructure, passed off under the label of “concessions” as apparently realised through a project finance but in reality they constitute something different. The intent is indeed to show that in Italy the “European concession” does not exist.

Marco Ceruti, Ph.D. at the Department of Law, Economics and Humanities, Insubria University, Como, Italy; member of the editorial board for the Observatory on public procurement law of the University of Trento. For correspondence: <> and <>.


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