Important security note: Warning of attempted fraud in the name of DWS
We have detected that fraudulent individuals are misusing the "DWS" trademark and the names of DWS employees on the internet and social media. These fraudsters are operating fake websites, Facebook pages, WhatsApp groups and Mobile Apps. Please be aware that DWS does not have any Facebook Ambassador profiles or WhatsApp chats. If you receive any unexpected calls, messages, or emails claiming to be from DWS, exercise caution and do not make any payments or disclose personal information. We encourage you to report any suspicious activity to info@dws.com, including any relevant documents and the original fraudulent email. Additionally, if you believe you have been a victim of fraud, please notify your local authorities and take steps to protect yourself.
Europe gets moving
19/06/2026
Europe’s infrastructure needs are no secret. What is changing is the pipeline of projects, public backing and room for private capital.
“Oh dear! Oh dear! I shall be late!” mutters the White Rabbit at the start of Alice’s Adventures in Wonderland. Visibly anxious and constantly glancing at a watch, he could almost be a commuter at one of Germany’s stations. German railways have become a symbol of what underinvestment does to productivity, public trust and everyday economic life.[1]
That makes rail networks a useful example of Europe’s wider opportunities and challenges. Our Chart of the Week shows Europe currently with a larger pipeline of announced major infrastructure projects than North America. The drivers are easy to identify. Energy security requires grids, storage and generation. Digital sovereignty requires data centers and the power infrastructure around them. Industrial policy requires transport links, ports and logistics capacity. Defense planning increasingly overlaps with all three.
For investors, including those from outside Europe, the key question is whether a long-recognized investment backlog can now become a pipeline of financeable projects. Early projects, such as high-profile, publicly financed rail upgrades, therefore, matter beyond their immediate economic impact. “Europe’s infrastructure story is moving from ambition to delivery,” argues Richard Marshall, Head of Infrastructure Research at DWS. “What matters is how quickly public money and planning reforms can turn long-recognized needs into shovel-ready projects and investment opportunities.”
Execution remains the hard part. Encouragingly, national investment plans are increasingly being accompanied by reforms. These aim to speed up approvals and create better conditions for private capital. In Germany, public money is expected to focus above all on core networks such as rail and power grids. At the same time, the aim is to draw more private capital into digital infrastructure, renewables and energy efficiency.
Given past delays and disappointments – not least for Europe’s long-suffering commuters – investors are right to be wary. Alice, too, had to endure a long fall down the rabbit hole. Europe’s infrastructure push will not create an economic wonderland overnight. But if it produces stronger energy security, cleaner power, better grids, more data centers and greater strategic autonomy, it may also restore something less tangible but equally valuable: confidence that Europe can turn delayed promises into credible opportunities.
Sources: BMI Infrastructure Key Projects Data, DWS Investment GmbH as of 6/16/26.
* Analysis includes only pre-construction, previously announced infrastructure and major projects.
** Europe excludes Turkey, Russia, Central Asia and Ukraine.
This information is subject to change at any time, based upon economic, market and other considerations and should not be construed as a recommendation. Past performance is not indicative of future returns. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Alternative investments may be speculative and involve significant risks including illiquidity, heightened potential for loss and lack of transparency. Alternatives are not suitable for all clients.