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.

required

Log in

http://prosyn.org/5DjkEt7/it;
  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now