EU flags at the European Commission TPCOM/Flickr

L’obsession européenne pour les investissements : une mauvaise idée.

BRUXELLES –À Bruxelles comme partout en Europe aujourd’hui, l’idée dominante veut que l’investissement soit la clé de la reprise économique. Le pilier de la nouvelle stratégie économique de la Commission Européenne est un plan révélé récemment pour développer les investissements de 315 milliards d’euros (390 milliards de dollars) dans les trois années à venir. Mais la proposition de la Commission n’est pas une bonne idée, ni dans l’importance accordée à l’investissement, ni en terme de la structure de financement proposée.

Le plan de la Commission, première initiative du président Jean-Claude Juncker dès sa prise de mandat, n’est pas une surprise. Dans la mesure où la zone euro est enferrée dans une interminable récession, l’idée selon laquelle une croissance portée par l’investissement serait cruciale à une reprise durable est profondément ancrée dans le discours public. L’argument étant qu’il n’y a jamais assez d’investissement, parce que cela augmente le stock de capital et donc la production.

Ceci n’est pas nécessairement le cas actuellement en Europe. Les autorités de l’Union Européenne (mais elles ne sont pas les seules) affirment que l’Europe – particulièrement la zone euro – souffre d’un « retard d’investissements. » La preuve tangible serait l’écart de 400 milliards d’euros par rapport à 2007.

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