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Eine Investitionsagenda für Europa

Author

Listed:
  • Ferdinand Fichtner
  • Marcel Fratzscher
  • Martin Gornig
Abstract
Only strong economic growth will help Europe emerge from its crisis. The reforms implemented to date at national and European level have failed to impact the economy positively; this is due to excessive national, corporate, and private debts, the flawed banking system, the lack of structural reforms, an insufficient institutional framework at European level, as well as a persisting climate of distrust in the stability of economic development. The probability of economic stagnation, which is marked by high unemployment, declining incomes, decelerating potential growth, and deflation, is high and has increased significantly. The risk of economic development in Europe following Japan’s example of the 1990s is very real indeed. This Economic Bulletin shows that one of Europe’s biggest economic weaknesses is a lack of private investment and that a European investment agenda is vital in order to generate the impetus required to push the European economy towards a sustainable recovery. European economic policy should focus not on higher public spending, but on increasing private investment as well as creating markets that function properly. Nur mit starkem Wirtschaftswachstum wird Europa aus seiner Krise herauskommen. Die Überschuldung der Regierungen, Unternehmen und Haushalte, die Schwäche des Bankensystems, ausstehende Strukturreformen sowie unzureichende institutionelle Rahmenbedingungen auf europäischer Ebene verhindern ebenso wie das noch immer fehlende Vertrauen in die Stabilität der wirtschaftlichen Entwicklung, dass sich die bereits eingeleiteten Reformen auf nationaler und europäischer Ebene positiv auf die Wirtschaft auswirken. Die Wahrscheinlichkeit einer wirtschaftlichen Stagnation mit hoher Arbeitslosigkeit, fallenden Einkommen, sinkendem Potenzialwachstum und Deflation ist hoch und deutlich gestiegen. Das Risiko, dass Europa die Entwicklung Japans in den 90er Jahren wiederholt, ist real. Dieser Wochenbericht zeigt, dass zu geringe private Investitionen einer der wichtigsten wirtschaftlichen Schwachpunkte Europas sind, und dass eine europäische Investitionsagenda einen entscheidenden Impuls für eine nachhaltige Erholung der europäischen Volkswirtschaft bedeuten kann. Statt die öffentlichen Ausgaben zu erhöhen, sollte der Schwerpunkt der europäischen Wirtschaftspolitik auf der Stärkung von privaten Investitionen und der Schaffung von funktionierenden Märkten liegen.

Suggested Citation

  • Ferdinand Fichtner & Marcel Fratzscher & Martin Gornig, 2014. "Eine Investitionsagenda für Europa," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 81(27), pages 631-635.
    • Handle: RePEc:diw:diwwob:81-27-1
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    File URL: https://www.diw.de/documents/publikationen/73/diw_01.c.469132.de/14-27-1.pdf
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    Citations

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    Cited by:

    1. Felix Roth, 2022. "The Productivity Puzzle: A Critical Assessment and an Outlook on the COVID-19 Crisis," Contributions to Economics, in: Intangible Capital and Growth, chapter 0, pages 1-16, Springer.

    More about this item

    Keywords

    investment; potential growth; construction;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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