Gli stimoli nascosti dell’Europa

LONDRA – Nel prossimo incontro del 7 febbraio, il Consiglio europeo dovrebbe discutere dell’utilizzo degli investimenti privati come mezzo per mettere in moto l’economia stagnante dell’Europa. Visto che i motori usuali della crescita del PIL sono ormai limitati in tutta l’Europa, l’unico settore economico in grado di spendere è il settore aziendale non finanziario.

In effetti, nel 2011 le aziende europee scambiate pubblicamente registravano una disponibilità di cassa pari a 750 miliardi di euro (1 trilione di dollari), il livello più alto degli ultimi vent’anni. La disponibilità di questa liquidità darebbe all’Europa un pacchetto di stimoli molto più consistente di qualsiasi governo. Nel 2011, ad esempio, gli investimenti privati in Europa erano pari a più di 2 trilioni di euro, contro i 300 miliardi di euro degli investimenti del governo.

Ciò nonostante, mentre i trend tra le varie economie europee sono cambiati, gli investimenti privati sono stati l’elemento più colpito del PIL durante la crisi, con una perdita pari a oltre 350 miliardi di euro, dieci volte superiore al crollo del consumo privato e quattro volte superiore al calo del PIL reale tra il 2007 ed il 2011. L’entità del crollo degli investimenti privati è stata, infatti, senza precedenti ed è la causa principale del malessere economico europeo.

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