ons: Investing In The Future effects in returns on investment and reduced leakag-es. The current crisis has revived major debates in eco-nomics Social returns to investment in ICT infrastructure about the role of government in infrastruc-ture are likely to exceed the individual private returns on investment, suggesting that the private sector alone is unlikely to generate the socially optimal levels of investment. investment, the meaning of Keynesian demand management in a globalized era, and whether government investment ‘crowds out’ private sector investment. This Report has explored the relevance of these debates to the ICT industry, as it makes the transition to IP-based networks. The fi nancial crisis has cut squarely across operators’ plans to upgrade their networks and roll out NGNs. Operators face greater challenges in accessing capital, more expen-sive Although large-scale public infrastructure invest-ments take longer to implement, infrastructure in-vestments are also likely to generate more robust and durable economic growth than other types of stimu-lus measures. Effective stimulus measures should be fi nancing and great uncertainty about future timely, targeted and temporary. On this basis, many OECD countries have included broadband and ICT investments in their stimulus plans and are exploring new state fi nancing packages for national broadband infrastructure. There are new opportunities for gov-ernment regulation and the revenue streams associated with NGNs. In the diffi cult economic climate, there have been calls for greater government involvement in the provision of telecommunications, reversing the trend towards greater private sector participation over the last three decades. to get involved in the fi nancing and regula-tion of national ICT infrastructure. This Report has examined the role that investments in ICT infrastructure as part of economic stimulus plans can play in regenerating economic growth and promoting economic recovery. Investments in ICTs can play a strong role in generating economic recov-ery In reality, the current emphasis on fi nancing in stimulus packages may overlook more simple and immediate measures that governments can take to promote private sector investment – for example, in reforming tax structures, creating greater regulatory given their strong externalities, high multiplier Confronting the Crisis: ICT Stimulus Plans for Economic Growth 81