EU's investeringsplan er dubiøs og forrykker markedsprocessen

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BLOGS
Af: Nikolaj Stenberg
28. dec 2014

Under fanfare - og behørigt ledsaget af en pædagogisk YouTube-video - annoncerede Jean-Claude Junckers Europa-Kommission i november en 2,3 billion kroner stor investeringsplan: I regi af Den Europæiske Investeringsbank (en af EU's mindre kendte institutioner) skal investeringsplanen -  :

”… revive investment in strategic projects around Europe to ensure that money reaches the real economy. This is particularly the case for higher-risk projects which have the potential to fuel growth and employment opportunities for the EU and bear high return for Europe’s competitiveness.”

For de der mener, at statsmagten helt naturligt bør føre en interventionistisk linje, når det kommer til den økonomiske politik, er investeringsplanen helt sikkert sød musik. Men musikken er dissonant, som den tyske økonomiske vismand Hans-Werner Sinn forklarer i en kronik i dag:

"But the program remains legally dubious, as it creates a massive shadow budget financed by borrowing that will operate parallel to the EU and national budgets, thereby placing a substantial risk-sharing burden on taxpayers. Because every country, regardless of its creditworthiness, can borrow at the same interest rate, projects will be undertaken in countries that recently have burned such huge amounts of capital that they can no longer tap financial markets for funding. Just like the many other “protective” measures taken during the crisis, this distortion of market processes will help to cement the sub-optimal allocation of European investment capital, hampering economic growth for years to come.

Making matters worse, only a fraction of the new borrowing enabled by the mutualization of liability will be factored into national budgets. This will render meaningless EU-wide debt-management agreements, including the Stability and Growth Pact, which limits the overall deficit to 3% of GDP, and the 2012 “fiscal compact,” which stipulates that countries whose debt-to-GDP ratios exceed the 60% limit should reduce them by one-twentieth annually until they are in compliance.

In recent years, banks have been berated for using shadow budgets, in the form of special-purpose vehicles and conduits, to take on excessive risk. It is worrisome, to say the least, that the EU is now resorting to similar tricks."

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Nikolaj Stenberg authorimage Nikolaj blogger om de danske og europæiske retsstaters gode og dårlige sider, den politik der føres og de konsekvenser dén har for erhvervslivet og borgernes rettigheder. Det er emner, som Nikolaj er velbevandret i både fagligt og praktisk, og som han har været præmieret til Danmarks bedste blogger for at skrive om.

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