欧洲的隐藏刺激

伦敦—欧洲理事会将在2月7日召开新一次会议,这次会议应该将私人投资视为刺激欧洲停滞的经济的手段。放眼欧洲,GDP增长得常用引擎无不熄火,有能力支出的经济部门只剩下非金融公司部门了。

事实上,2011年欧洲上市公司手握着7500亿欧元的超额现金,接近20年新高。让它们花这笔钱相当于对欧洲实施了任何政府所无法给予的刺激方案。比如,在2011年,欧洲私人投资总量为2万亿欧元,而政府投资还不到3000亿欧元。

此外,尽管欧洲各经济体的趋势各不相同,但总的来说私人投资是危机期间受创最重的GDP要素,2007—2011年间下降了超过3500亿欧元——比私人消费降幅大十倍,比真实GDP降幅大四倍。事实上,私人投资的如此降幅可谓前所未见,也是欧洲经济不安的核心问题。

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