Un piano europeo per Francia e Germania

PARIGI – L’Europa sta cadendo nella trappola della stagnazione. Con una crescita a malapena percepibile e un’inflazione pericolosamente bassa che causa un aumento del tasso di interesse reale, il peso del debito pubblico e privato è cresciuto in maniera esponenziale e molti temono che un altro “decennio perduto” sia alle porte. E, nonostante la minaccia di una frammentazione dell’Eurozona si sia affievolita, non è scomparsa del tutto. Considerato ciò, l’Europa sta perdendo la sua importanza sia all’interno che al di fuori dell’Eurozona.

Francia e Germania – che sono state alla guida dell’integrazione europea per oltre sessant’anni – non devono rassegnarsi a questa situazione. I due Paesi necessitano urgentemente di un piano comune e non di reciproche recriminazioni da parte dei sostenitori tedeschi dell’economia dell’offerta e dei sostenitori francesi dell’economia della domanda.

Riteniamo che tali controversie siano inutili. La lenta crescita della produttività è prima facie la dimostrazione di una carenza dell’offerta. La combinazione di elevata disoccupazione e calo dell’inflazione è prima facie la dimostrazione di un calo della domanda. I differenziali dei tassi di interesse all’interno della stessa area valutaria sono prima facie la dimostrazione  di una frammentazione. La verità è che l’Europa soffre di diversi mali.

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