EU flags at the European Commission TPCOM/Flickr

La Mania Europea per Investimenti Fuorvianti

BRUXELLES – Il mantra di Bruxelles e di tutta l’Europa, oggi, è che gli investimenti detengono “la chiave” per la ripresa economica. Il fulcro della strategia economica della nuova Commissione Europea è il suo piano presentato recentemente per incrementare gli investimenti di 315 miliardi di euro (390 miliardi di dollari) nei prossimi tre anni. Ma la proposta della Commissione è fuorviante, sia in termini di enfasi sugli investimenti che per la struttura di finanziamento proposta.

Il piano della Commissione, l’iniziativa della firma da parte del presidente Jean-Claude Juncker, all’inizio del suo mandato, non costituisce una sorpresa. Con la zona euro bloccata in una recessione apparentemente senza fine, è diventata profondamente radicata nel discorso pubblico l’idea che, per una ripresa sostenibile, siano cruciali investimenti di stimolo per la crescita. L’assunto di fondo è che l’aumento degli investimenti sia sempre preferibile, perché si aumenta il capitale sociale e quindi la produzione.

Non è detto che, attualmente, sia questo il caso dell’Europa. Le autorità dell’Unione Europea (e molti altri) sostengono che l’Europa - in particolare la zona euro - soffra di un “gap di investimenti”. La prova lampante consisterebbe presumibilmente nel deficit annuale di 400 miliardi di euro rispetto al 2007.

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