Paul Lachine

Dalla sofferenza alla crescita nella periferia europea

BRUXELLES – Il primo atto del dramma legato al debito dell’Eurozona ha contemplato la possibilità di insolvenza da parte degli Stati membri dell’Unione europea. Si è concluso a fine luglio quando la più alta autorità europea, il Consiglio europeo, ha riconosciuto la necessità di una riduzione degli obblighi debitori per la Grecia.

Questo atto di riconoscimento non mette però fine al dramma. Il secondo atto riguarderà il rilancio delle prospettive di crescita per la periferia europea, e rappresenterà una sfida ancor più difficile.

Il problema principale è semplice: fino al 2008 alcuni Paesi hanno beneficiato di una lunga fase di boom basata su abbondanti crediti a buon mercato, che hanno consentito loro di finanziare sostanziosi deficit delle partite correnti. Ma qualsiasi boom delle importazioni genera un’impressione ingannevole sulla capacità produttiva dell’economia locale.

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