highway roadblock Washington State Dept of Transportation/Flickr

Gli sbarramenti dell’Europa agli investimenti a lungo termine

AMSTERDAM – Una delle maggiori sfide cui va incontro l’economia europea è la carenza di liquidità nei mercati di capitale. Dalla crisi finanziaria globale del 2008 è scaturita una lunga serie di nuove regole. Per facilitare gli investimenti a lungo termine di cui l’Europa ha un disperato bisogno, sarebbe opportuno rivalutare l’ampio scenario normativo che è emerso negli ultimi sei anni.

Con le banche riluttanti a concedere nuovi prestiti, le istituzioni come i fondi pensione ben si prestano a soddisfare la disperata domanda di capitale. In effetti, i risparmi dei lavoratori che non potranno andare in pensione nei prossimi decenni sono particolarmente idonei per gli investimenti a lungo termine. Il guaio è che in molti casi le regole e i regolamenti destinati a garantire la stabilità dei mercati finanziari impediscono ai fondi pensione e simili di allocare i risparmi senza problemi e in modo efficace.

L’importanza di avere regolamenti adeguati non può essere sottostimata. Laddove correttamente elaborati e applicati, garantiscono stabilità finanziaria, mantengono (e, se necessario, ripristinano) la fiducia nei mercati e agevolano gli investimenti a lungo termine, aiutando i cittadini a soddisfare le future necessità finanziarie. Ma se i regolamenti non sono ben commisurati ai vari tipi di partecipanti al mercato e a come effettivamente lavorano i mercati, possono soffocare proprio quelle opportunità che andrebbero ad avvantaggiare investitori ed economia.

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