Il capro espiatorio tedesco

BRUXELLES – Può la Germania, che rappresenta l'1% della popolazione del globo e meno del 5% del suo Pil, essere davvero ritenuta responsabile dello stato pietoso in cui versa l'economia mondiale? Il Dipartimento del Tesoro americano ha dato il via al dibattito con un'indagine sui manipolatori di valuta, in cui si critica il surplus commerciale della Germania. Sulla falsariga di ciò, il mese scorso la Commissione europea si è unita al dibattito pubblicando un rapporto sugli squilibri macroeconomici e chiedendo un'analisi approfondita del surplus tedesco.

L'enfasi sulla Germania sembra molto più giustificata nel contesto europeo, anche se il Pil tedesco rappresenta meno del 30% di quello dell'eurozona, e la produzione del paese corrisponde a meno di un quarto di quella dell'Ue. La Germania, dunque, è importante, ma non dominante.

Inoltre, questa attenzione sulla Germania non tiene conto del fatto che il paese rappresenta solo la punta di un iceberg teutonico: tutti i paesi di lingua germanica del Nord Europa presentano un surplus di parte corrente. Di fatto, i Paesi Bassi, la Svizzera, la Svezia e la Norvegia gestiscono un surplus commerciale che, in proporzione al Pil, è più ampio di quello tedesco.

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