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Investitionsschwäche in der EU: ein branchenübergreifendes und langfristiges Phänomen


  • Martin Gornig
  • Alexander Schiersch


Based on capital stock, in total, over six trillion euros less was invested in the European Union between 1999 and 2007 than in the non-European OECD countries, including the US, Canada, and Japan. In the euro area, investment was more than 7.5 trillion euros less than in non-European OECD countries. In virtually all EU member states, gross fixed assets (capital stock) are older than the OECD average and also demonstrate slower growth. This is particularly true for industry, which is expected to play a key role in Europe’s recovery. In order to achieve a higher growth rate, Europe must tackle this lack of investment across the board. Just implement investment programs in individual countries, such as the southern European crisis countries is not enough. In order to launch a broad investment offensive across the EU as a whole, specific steps must be taken. With a view to tackling the lack of investment in the long term, measures include an efficient competition policy and investmentfriendly tax policy. In der Europäischen Union wurden zwischen 1999 und 2007 – bezogen auf den Kapitalbestand – insgesamt gut sechs Billionen Euro weniger investiert als in den nichteuropäischen OECD-Ländern, zu denen beispielsweise die USA, Kanada und Japan gehören. In der Eurozone waren es sogar 7,5 Billionen Euro weniger. Das Bruttoanlagevermögen, der sogenannte Kapitalstock, ist in fast allen EU-Ländern weniger modern als im OECD-Durchschnitt und wächst auch langsamer. Dies gilt auch für die Industrie, die bei der Wiedererstarkung Europas eine Schlüsselrolle übernehmen soll. Zur Erreichung eines höheren Wachstumspfades muss Europa die Investitionsschwäche daher auf breiter Front überwinden. Es genügt nicht, in einzelnen Ländern, wie den südeuropäischen Krisenstaaten, Investitionsprogramme zu implementieren. Um eine breit angelegte Investitionsoffensive in der EU als Ganzes in Gang zu setzen, müssen unterschiedliche Maßnahmen ergriffen werden. Hierzu zählt mit Blick auf die langfristige Investitionsschwäche eine effiziente Wettbewerbspolitik und eine investitionsfreundliche Steuerpolitik.

Suggested Citation

  • Martin Gornig & Alexander Schiersch, 2014. "Investitionsschwäche in der EU: ein branchenübergreifendes und langfristiges Phänomen," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 81(27), pages 653-660.
  • Handle: RePEc:diw:diwwob:81-27-5

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    Cited by:

    1. Welter, Friederike & May-Strobl, Eva & Schlömer-Laufen, Nadine & Kranzusch, Peter & Ettl, Kerstin, 2014. "Das Zukunftspanel Mittelstand: Eine Expertenbefragung zu den Herausforderungen des Mittelstands," IfM-Materialien 229, Institut für Mittelstandsforschung (IfM) Bonn.

    More about this item


    investment; capital stock; sectors;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock


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