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.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.


Log in;
  1. Sean Gallup/Getty Images

    Angela Merkel’s Endgame?

    The collapse of coalition negotiations has left German Chancellor Angela Merkel facing a stark choice between forming a minority government or calling for a new election. But would a minority government necessarily be as bad as Germans have traditionally thought?

  2. Trump Trade speech Bill Pugliano/Getty Images .

    Preparing for the Trump Trade Wars

    In the first 11 months of his presidency, Donald Trump has failed to back up his words – or tweets – with action on a variety of fronts. But the rest of the world's governments, and particularly those in Asia and Europe, would be mistaken to assume that he won't follow through on his promised "America First" trade agenda.

  3. A GrabBike rider uses his mobile phone Bay Ismoyo/Getty Images

    The Platform Economy

    While developed countries in Europe, North America, and Asia are rapidly aging, emerging economies are predominantly youthful. Nigerian, Indonesian, and Vietnamese young people will shape global work trends at an increasingly rapid pace, bringing to bear their experience in dynamic informal markets on a tech-enabled gig economy.

  4. Trump Mario Tama/Getty Images

    Profiles in Discouragement

    One day, the United States will turn the page on Donald Trump. But, as Americans prepare to observe their Thanksgiving holiday, they should reflect that their country's culture and global standing will never recover fully from the wounds that his presidency is inflicting on them.

  5. Mugabe kisses Grace JEKESAI NJIKIZANA/AFP/Getty Images

    How Women Shape Coups

    In Zimbabwe, as in all coups, much behind-the-scenes plotting continues to take place in the aftermath of the military's overthrow of President Robert Mugabe. But who the eventual winners and losers are may depend, among other things, on the gender of the plotters.

  6. Oil barrels Ahmad Al-Rubaye/Getty Images

    The Abnormality of Oil

    At the 2017 Abu Dhabi Petroleum Exhibition and Conference, the consensus among industry executives was that oil prices will still be around $60 per barrel in November 2018. But there is evidence to suggest that the uptick in global growth and developments in Saudi Arabia will push the price as high as $80 in the meantime.

  7. Israeli soldier Menahem Kahana/Getty Images

    The Saudi Prince’s Dangerous War Games

    Saudi Arabia’s Crown Prince Mohammed bin Salman is working hard to consolidate power and establish his country as the Middle East’s only hegemon. But his efforts – which include an attempt to trigger a war between Israel and Hezbollah in Lebanon – increasingly look like the work of an immature gambler.