EU flags at the European Commission TPCOM/Flickr

Europas Investitionsmanie

BRÜSSEL – Das Mantra in Brüssel und überall in Europa lautet heutzutage, dass mehr Investitionen der Schlüssel zur wirtschaftlichen Erholung seien. Dreh- und Angelpunkt der neuen Wirtschaftsstrategie der Europäischen Kommission ist ihr jüngst enthüllter Plan zur Steigerung der Investitionen um € 315 Milliarden über die nächsten drei Jahre hinweg. Der Vorschlag der Kommission ist freilich fehlgeleitet, und zwar sowohl was seinen Schwerpunkt auf die Investitionen als auch was seine vorgeschlagene Finanzierungsstruktur angeht.

Der Plan der Kommission – die große Initiative von Präsident Jean-Claude Juncker zu Beginn seiner Amtszeit – kommt nicht überraschend. Angesichts der scheinbar endlosen Rezession, in der die Eurozone steckt, hat sich die Vorstellung, dass wachstumsfördernde Investitionen für eine nachhaltige Konjunkturerholung unverzichtbar sind, im öffentlichen Diskurs zutiefst verfestigt. Die zugrundeliegende Annahme ist, dass mehr Investitionen immer besser seien, weil sie den Kapitalstock und damit die Produktionsleistung erhöhten.

Dies ist derzeit in Europa nicht zwangsläufig der Fall. Die Vertreter der Europäischen Union (und viele andere) argumentieren, dass Europa und insbesondere die Eurozone unter einer „Investitionslücke“ litten. Der schlagende Beweis dafür ist angeblich der jährliche Minderbetrag von € 400 Milliarden gegenüber 2007.

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