¿Pueden las inversiones salvar a Europa?

PARÍS – El crecimiento económico europeo sigue por debajo de las expectativas. Se esperaba que en 2014 casi todos los miembros de la Unión Europea publicaran cifras de actividad más altas, pero según las últimas proyecciones del Fondo Monetario Internacional, la tasa de crecimiento promedio de la eurozona apenas superará el 1%. Y aunque la economía británica muestra un fuerte impulso, apenas ahora su PIB sobrepasó la marca anterior a la crisis. Per cápita, la Unión Europea todavía es más pobre que hace siete años.

En este contexto, surgió un nuevo objetivo de políticas públicas: la inversión. El primer ministro italiano, Matteo Renzi, actualmente a cargo de la presidencia rotativa de la Unión Europea, pidió más inversiones, al tiempo que Jean-Claude Juncker, presidente electo de la Comisión Europea, declaró que es su “primera prioridad”. El objetivo de Juncker para los próximos tres años es movilizar otros 100.000 millones de euros (134.000 millones de dólares) al año (0,75% del PIB) para inversiones públicas y privadas.

No hay duda de que el tema de las inversiones es políticamente atractivo. Es algo en lo que pueden estar de acuerdo los keynesianos y los defensores de las políticas orientadas a la oferta, los partidarios del gasto público y los de la empresa privada. Y el nivel históricamente bajo de los tipos de interés a largo plazo ofrece, sin duda, una oportunidad excepcional para financiar nuevos emprendimientos.

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