让欧洲投资走上正轨

巴黎—欧盟委员会新主席让-克劳德·容克(Jean-Claude Juncker)在其三年3,000亿欧元的资产支出计划中把公共投资重新纳入了日程。预计欧盟领导人将在12月讨论容克的方案。似乎所有人都同意,增加投资有助于强化摇摇欲坠的欧洲经济。但是,在表面共识下,许多问题仍然没有解决。

首先,这不是欧洲第一次考虑类似的方案。1993年,欧盟委员会在雅克·德洛尔(Jacques Delors)的领导下在其增长、竞争力和就业白皮书中提出了资本支出计划。该计划得到了广泛支持,但并没有拿出行动。类似地,2000年,作为里斯本战略(Lisbon Strategy)的一部分,欧盟寻求将国民研发支出提高到GDP的3%。这一目标也没有达到。最近,2012年6月,欧盟领导人通过了《增长与就业契约》(Compact for Growth and Jobs ),计划动员1,200亿欧元资金。至今仍是一张空头支票。

确实,装作行动比采取实际行动容易得多。一种办法是要求欧盟的开发银行——欧洲投资银行增加贷款。这一要求面临两大局限:欧洲投行本身很谨慎,不会轻易拿自己的金融评级冒险,而其贷款也很容易取代私人融资。因此,如果增加贷款导致欧洲投行将私人融资挤出最佳项目,那么这样做也就毫无意义了。通过欧洲投行融资的过桥贷款也许比通过资本市场融资更加可行,但仍然是相同的过桥贷款,产生相同的经济影响。欧洲投行的资产负债表规模并不是其效率的好指标。

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