Ricchezza privata e solidarietà europea

COLONIA – Un aspetto poco trattato, eppure cruciale, del dibattito sul trasferimento di ricchezza dal Nord, economicamente più solido, al Sud dell'Europa, più travagliato, è il rapporto tra debito pubblico, PIL e ricchezza privata (cioè le attivitàfinanziarie e non finanziarie delle famiglie, meno le loropassività finanziarie) - in particolare, il rapporto tra la ricchezza privata e il PIL nei paesi dell'eurozona.

Sebbene il piano di acquisto di bond della Banca centrale europea abbia contribuito in larga misura a calmare i mercati finanziari, le economie di alcuni Paesi europei - tra cui l'Italia, la Spagna, la Grecia e il Portogallo - sono ancora a rischio perché il loro ritmo di crescita non è abbastanza veloce da ridurre il ì deficit e arrestare la crescita del debito nazionale. La triste ironia è che in alcuni dei Paesi che necessitano del sostegno della BCE e degli Stati settentrionali dell'eurozona il rapporto tra ricchezza privata e PIL è pari o superiore a quello dei Paesi più solventi.

Si prenda l'Italia, ad esempio, che tra i Paesi del G7 è quello con il rapporto tra ricchezza privata e debito pubblico più alto, superiore del 30-40 percento a quello della Germania. Allo stesso modo, Italia e Francia condividono un rapporto tra ricchezza privata e PIL pari a cinque a uno, mentre quello della Spagna, almeno prima che la crisi travolgesse il Paese - era di sei a uno. Al contrario, quello della Germania, il maggiore creditore d'Europa, è solo di 3,5 a uno.

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