Il bilancio ombra dell’Europa

MONACO – Sono stati finalmente resi noti i dettagli sul piano di investimenti della Commissione Europea da 315 miliardi di euro (390 miliardi di dollari) per il 2015-2017. Il programma, annunciato dal Presidente della Commissione Europea Jean-Claude Juncker a novembre, equivale a un enorme bilancio ombra, dodici volte più grande rispetto al piano di bilancio annuale dell’Unione Europea, che finanzierà progetti di investimenti pubblici e aiuterà i governi ad aggirare i limiti di debito fissati nel Patto di stabilità e crescita.

Le risorse saranno gestite dal nuovo Fondo Europeo per gli Investimenti Strategici, che opera sotto la supervisione della Banca Europea degli Investimenti. Il capitale iniziale del FEIS sarà costituito da 5 miliardi di euro, derivanti dalla rivalutazione degli asset della BEI, e da 16 miliardi di euro di garanzie provenienti dalla Commissione Europea. Attraverso l’effetto leva il fondo dovrebbe ottenere circa 63 miliardi di euro di finanziamenti, mentre gli investitori privati investiranno 5 euro per ogni euro di prestito – portando così gli investimenti totali al target di 315 miliardi di euro.

Anche se i Paesi dell’Ue non contribuiscono con dei fondi reali, essi forniranno garanzie implicite ed esplicite per gli investitori privati, in un accordo che appare ambiguo come la responsabilità congiunta rappresentata dagli Eurobond. Dal momento che la Cancelliera tedesca Angela Merkel è contraria all’utilizzo degli Eurobond, l’Unione europea ha  assunto diversi specialisti nel campo finanziario per trovare un’alternativa al fine di evitare il ricorso agli Eurobond. Così è nato il FEIS.

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