Le conseguenze della crisi sulla finanza pubblica: un confronto tra economie avanzate
di Matilde Casamonti e Giulio Gottardo
16 aprile 2021
L’intensità delle recessioni dovute alla crisi del Covid è stata molto diversa tra paesi e altrettanto eterogene sono state le politiche fiscali di risposta. In genere, i paesi anglosassoni hanno registrato deficit maggiori, anche a parità di contrazione del Pil. Nell’Europa continentale, i paesi più colpiti (Spagna, Italia) hanno dovuto incrementare il deficit di più rispetto agli altri (Germania e paesi nordici). Inoltre, dato che la crisi è stata più grave nell’Europa meridionale, il debito pubblico dei questi paesi è aumentato di più rispetto a quello dei paesi del Nord Europa. Questo fenomeno ha accelerato la divergenza tra le finanze pubbliche dei paesi europei. Secondo le previsioni del Fondo Monetario Internazionale, già dall’anno prossimo la differenza fra il debito dell’Italia e quello della Germania supererà 90 punti di Pil.
La nota è stata ripresa da Repubblica in questo articolo del 17 aprile 2021.
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La crisi economica causata dalla pandemia ha provocato cadute del Pil senza precedenti.[1] Per fornire sostegno alle attività più colpite e sostenere la ripresa, i governi hanno reagito incrementando i deficit pubblici che, tra misure discrezionali e stabilizzatori automatici, hanno raggiunto i livelli più alti dalla Seconda Guerra mondiale.[2] Le politiche fiscali dei vari paesi non sono state omogenee. Concentrandosi sulle principali economie avanzate, nel 2020 i rapporti deficit/Pil erano compresi tra valori relativamente contenuti, come il 4,2 per cento della Germania, e livelli davvero inediti, come il 15,8 per cento degli Stati Uniti. Queste differenze non sono completamente riconducibili alla diversa gravità della crisi economica. Per esempio, a fronte di una caduta del Pil reale di quasi 5 punti, la Germania ha reagito con un’espansione fiscale del 5,5 per cento del Pil, il Giappone del 9,1 per cento (Fig .1).[3]
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)
I grandi paesi dell’Eurozona hanno approvato espansioni fiscali più contenute rispetto a quelli anglosassoni, anche a parità di caduta del Pil. All’interno dell’Eurozona, i paesi colpiti da recessioni più gravi (Spagna, Italia) hanno incrementato maggiormente il deficit rispetto a quelli meno colpiti (Germania, ma anche Paesi Bassi e Finlandia).
Secondo le previsioni del Fondo Monetario, anche nel 2021 i paesi avanzati manterranno deficit elevati, sia per sostenere attività e famiglie colpite dalla crisi, sia per sostenere la ripresa (Fig. 2).[4]
![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAfUAAAFVCAYAAAD2VHb/AAAgAElEQVR4nO2dX2sc1/2He9V30XfRF7AXCaE4l7qowEbUhhZ8I5I6tuvUVbFNjBMchchJqhhBhGOSGtZGREZFuCS5ideOdGHSEId1lCWKQ0ADC+sX8P1d5HcmZ2bn384Z7Z75nucDD4lXq9n5zJmZZ2Z2tPub0WgkAAAA0H5+M+sZAAAAgGZA6gAAAEpA6gAAAEpA6gAAAEpA6gAAAEpA6gAAAEpA6gAAAEpA6gAAAEpA6qCC3d1dmZ+fL+TmzZsyGo1kbW1NTp06JU+fPm3s9YfDoayursav9dZbb0kURZV/fzAYyBtvvJGY3ytXrhT+zmH0yOLhw4fy2muvOb/O9va2nDhxIu43jXlvcv4B2gBSBzVEUSQnT56Uo0ePyr179+LHh8OhXL58OZb6+vp6o0IZDoeytrYmjx8/ltFoJFtbW5WknJ6/GzduSBRF8fTSv7+9vS2PHj2K/910j7z5mp+fl4WFBafX2d3dlStXrkgURbK0tDQVqTc5/wBtAamDGmyp2/IbjX6RipH6Ybzu5ubm2HxUFcne3p6cOHEiMX97e3ty4cKF+Gx/b29P/vKXv4z1mgZra2vOUsw6SGnT/AO0BaQOajBnZmmpb29vJ4R5//79hDCHw6Gsr69nXrI/ffr0RJfRR6NxqZuz07xpmefPz8/LSy+9JNvb24mf379/P3Oe0j3MJfxPP/00cTb86NEjuX//fnzpO32GPBgMEm8dnDp1Kr7qMBqNS7Hs+Xndiubdnr/5+Xm5ceNGYjoPHz6MO2WNi31p33TOm/+s5+fNP0DbQOqgBvtya5p79+4lBGNLYW1tTebn52V7ezu+9G1+p858mPf3zYGEma/Tp0/nni2aS/Z5otza2ooPVrJ62L9vXncwGMjS0pIcPXo0PlAwVwXMWbOZlpmOmVdbgrYUqzw/jf2aWfNuHjPLOy389PK0l8Vo9OvbEI8fP8686pGW+tbWliwsLMjjx48rzT9Am0DqoAZb6raQt7a24n/bgrWlZEvCCLKO1I2g6lxqTp8Bp+fJ/ne6R9ZzRqNxoaV/z3S1JZiWqD2NKs8vWybpeTAiPnXqlHz66aeJM/CsnulpLy4uxgctWcs/66AkfdC3tLQ0k7c2AJoGqYMa8qSe9RxbEru7u3LixInEmXrW+/JVX9+ckdbtYc6wi85O83qk59ucldaRuhFjVannHcjYyyVv3tNvf6ysrMho9OtZftnbIMPhUB4+fCgrKyuJKxHp+a86PYC2gtRBDXWlbt5TP3PmTOZ7slVf29wMNqks0jfFGdbW1mYi9fRjZVLPeixrmRdJ3Tz+8OFDuXjx4thbDUWXx+2Dsqpn6lxuB60gdVCD/edS3W438zl5l36LLrWb3yn6E6z19XVZWVlJSGp3dzd+L7/oRrn0e87mMftud1vqT548qXz5vUzqRnLmPemq76kXPT9v+RVdfl9aWorvIdjd3U10N/c4mOVjDsKypG9uKrxy5Yo8efJkbP7zpmf/SSJAm0HqoIKsD59Jiyb9furCwoJ89tlnmTfW2WfrZVJP3+SWfk+8TOqj0fjd3W+99VZCMkZ8R48elY8++misx7///e+x1zXyMmxvbyces+8ryLqbPX3joZlu3vPzxsZ+zZdeeilxl/vCwoL88MMPiQ/esW/sM8v/k08+yb273Vy6P3r0qNy6dUs2NjbiO+jz5t++3M/d76AJpA7B88033ySEmndQAADgO0gdgubRo0eZ72ffv39/Zh/2AgBQF6QOQbO1tSWnT59OXH794YcfZH19nTukAaB1IHUIGvP+qv0+70svvSS3bt1C6ADQOpA6AACAEpA6AACAEpA6AACAEpA6AFRmll8BCwDlIPUAGQ6H8sEHHwT7N9hlH2talUk+R7zoNdMfEmN/WIr9SXf2d5JP0sFlPtP/zvooWnBf7k0SRZHcuHGDGz0DBakHhvlIzLYJPYoiuX79emPT29racpb6aPSL5LL+zn3S19zb20t8/ehgMMj8bvi6HVzm0/63mc+2rT+zYpLlXsYk20DT2wu0B6QeGNvb27W/J3yWmL8nb+rsoymp530Zy6Svmf5O8bzH6nZwmU/731EUOX8LXUhMstyrjMsk28Du7m7udyCAXpB6QERRJKurq4mdwvb2tnz66aeyuroqr776qly4cCHxQSz253ynP5N7b29Put1u4ktDsj5X2/4ykbxpmS8/GQwGcvHixcT3W6c/W31hYUHefPPNxLexmUvY9k4viqL4M8XTn9ueFlfRvNmkn/ff//43sdMumo6r1AeDgWxublaaXpPzaf97OBzKxsZGYh7zlnHRmFb5efoz5t96661coZWtx3nrat4yqLseuyz3SbeBKh3aeFUO3EDqAWEfuds7rRs3bsiTJ0/k22+/laWlpcRnnq+vr8c7iuFwKG+88YY8evRI7t+/LydOnJALFy4kdhr214+mvwGtbFrdble+/vprefLkiayvrye+PnN3d3dMYGtrawkJ2mdF9vTNzi1PVEXzZr+e+YIT836lEVz6e8HzpjOJ1M342N8+duLEicIOhzWfRa+Tt4zLxrTs51U6VF2P89bVomVQZz12We51t4Gy9dYcKMx63wPTA6kHxPb2dmKDj6JILl68OPaYkYvZmaVv4LJvorJ3OkV3RpdNq0jQo9EvOyf7tcp+J/38sveJi+bNnn76/WT7NassrzKpb21txd8slv42sqqybXo+816nbBmXjWnZ+GUJ/PLly2OSKluP89bVvGVQdz12Xe6TbgNV1ltzhWLW+x6YHkg9IMx3UJt/Zx3Z2zvOrB2rTdaOMu8mqrJple3Q0q9V5XdGo18/x73oLLds3oo6lIkovbwmufxe9vtFsm1yPsveu89bxk1L3fxOel7K1uOs9adoGdRdj12X+6TbQJX1lhvmwgOpB0QVqafP1IvudE7vZKIoksXFxdwznLJppXdoKysriZ9Pcvl9NPplp7e0tCRff/11I3d07+7ujn0da/pMrKzjtKTe5HwWzXfZMi4b07yfT3KmXrYeZ62rRcug7nrcxHKfZBuost4i9fBA6gGRvvxudpLpm6DMztT83P4Ws8FgIJ9//rmMRr/sZF577TX5/vvv42mura0lnv/w4UP5/PPPS6e1traWuEyY/lOgrDN185iZV/Pe6sLCggwGA3n55Zfl6dOn8sMPPyR6mt81O8yyeUsvr1OnTsnnn38uT548kU8++STxPn7Z8rJ30jZGJGVST+/ks6bX9HzmvU4URYXLuGxMi35e9T31Kutx1rpaZX2cdD12Xe6TbgNV1tv0gQHoB6kHRPpPXMxO4datW7K0tJR5h/FgMIh/dvTo0fj30x+YYu9QjVzt51ed1pUrVxLvFZods/2YmccoiuLpraysyDfffCOrq6vy+PHj+PnmjmBz9/DKysrY6xXNWxrT79VXX5Vbt27JTz/9JCdPnozP0Kp2TI+LvSzzzlDtZV00vSbns+h1JlnG6TF97733Sse86t3vZetx3rpaNOZ11uMml3vVbaBsveVGufBA6gGR/pO2vMuZAG2C9Th/ufAnbeGB1APDPnJnZwgaYD3OJutP4EA/laW+vLwsZ86cSTzW7Xal0+lIp9NJfCgG+M3NmzfjD65gZwhth/V4nL29PW6QC5RSqUdRJHNzc3L79m25evVq/Hi/35dLly7Fzzl79qwcHBzMvBCUYy7Lmffist7HBWgD6fsNWI9/ec//+vXrwS+HUKl8ph5FUULqNsPhUFZWVpA6AADADGlE6vZZOwAAAMwGZ6kPh0M5f/687O/vz7wMAABAyDhJfTgcyrlz52RnZ6fWiz979mzmCwAAAMAnXNzoJPVr167VFrqBEEIIIb/GxamV7343f7pm/nyt1+slHqv7Z22EEEII+TWHKvXDhhBCCCG/BqkTQgghSoLUCSGEECVB6oQQQoiSIHVCCCFESZA6IYQQoiRInRBCCFESpE4IIYQoCVInhBBClASpE0IIIUqC1AkhhBAlQeqEEEKIkiB1QgghREmQOiGEEKIkSJ0QQghREqROCCGEKAlSJ4QQQpQEqRNCCCFKgtQJIYQQJUHqhBBCiJIgdUIIIURJkDohhBCiJEidEEIIUZIgpf7b3x+pBSGEEOJzkDpSJ4QQoiRIHakTQghREqSO1AkhhCgJUkfqhBBClASpI3VCCCFKMhWpLy8vy5kzZxKP9Xo96XQ60ul0xn6G1AkhhJDJc6hSj6JI5ubm5Pbt23L16tX48X6/L4uLi3JwcBBLf3NzE6kTQgghDpnKmXoURQmp93q9hMR7vZ6srq4idUIIIcQhM5H6xsaG7OzsJM7cL126hNQ9yP8+/l0tCCGEzD5IfQJCEF4IHQkhRGtmIvVut+t8+f3Zs2e1Z3zaUndZyNMmhI4AAFpxcWNtqadvlLt27VrizL0qdcOZen5C6EgIIVrjckBQ+e5386drnU4nPkPvdrvxY3VukkPqdCSEEJLMoUr9sKmbEIQXQkdCCCHJIHWlwguhIyGEkGSQulLhhdCREEJIMkhdqfBC6EgIISQZpK5UeCF0JIQQkgxSVyq8EDoSQghJBqkrFV4IHQkhhCSD1JUKL4SOhBBCkkHqSoUXQkdCCCHJIHWlwguhIyGEkGSQulLhhdCREEJIMkhdqfBC6EgIISQZpK5UeCF0JIQQkgxSVyo87R3r9vvt749MfV4JIWRaQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjQeoKhRdCR6ROCCHjmZnUu92udDod6XQ6cubMGaTecLR3ROqEEDKemUi93+/LpUuX4n9vbGzIzs4OUm8w2jsidUIIGc9MpB5FkRw7dkz29/el3+/L4uKiHBwcIPUGo70jUieEkPHM7PJ7FEUyNzcnx48fryV0pB52R6ROCCHjmYnUh8OhnD9/Pj5Tn5ubk/39faTeYLR3ROqEEDKemUi91+vJ5uZm/O9+vy/r6+sTTePZs2e1Z3zawnNZyHRstt9vf39kJuMBADANXNzoJPXV1dX4391uNyH5qtSN9rPYEDpypk4IIeNxOSBwuvz+yiuv8CdthxjtHZE6IYSMZyZSb4q60S68EDoidUIIGQ9SVyi8EDoidUIIGQ9SVyi8EDqGIHXt/QghzQepKxReCB2Revv7EUKaD1JXKLwQOiL19vcjhDQfpK5QeCF0ROrt7+eSuuvprLZHQqYVpK5QeCF0ROrt7+cSpE5IdpC6QuGF0BGpt7+fS5A6IdlB6gqFF0JHpN7+fi5B6qQtmfZ6itQVCi+Ejki9/f1cgtRJW4LUkXoj0d4Rqbe/n0uQOmlLkDpSbyTaOyL19vcTmf56itTJtIPUkXoj0d4Rqbe/nwhSJ/qD1JF6I9HeEam3v58IUif6g9SReiPR3hGpt7+fCFIn+oPUkXoj0d4Rqbe/nwhSDz0hjCFSR+qNRHtHpN7+fiJIPfSEMIZIHak3Eu0dkXr7+4kg9dATwhgidaTeSLR3ROrt7yeC1ENPCGOI1JF6I9HeEam3v58IUg89IYwhUkfqjUR7R6Te/n4iSD30hDCGSB2pNxLtHZF6+/uJIPXQE8IYInWk3ki0d0Tq7e8ngtRDTwhjiNSReiPR3hGp6xBeCB1JfkIYQ6SO1BuJ9o5IXYfwQuhI8hPCGCJ1pN5ItHd0kbr2jm0SXggdSX5CGEOkjtQbifaOSF2H8OiYTwhpyxi6BKkj9UaivSNSD1t4IXQMIW0ZQ5cgdaTeSLR3ROphCy+EjiGkLWPoEqSO1BuJ9o5IPWzhhdAxhLRlDF0SjNSjKJK5uTnpdDry3HPPyc7ODlJvMNo7IvWwhRdCxxDSljF0SRBSHw6Hcu7cuVoiR+p0dOkXQscQhBdCxxDSljF0SRBS7/f7sr6+zuX3Q4z2jkg9bOGF0DGEtGUMXRKE1Hu9nnQ6nZjjx4/LwcEBUm8w2jsi9bCFF0LHENKWMXRJMFLf3NyM/93tdhP/rsKzZ89qz/i0dySuVyTo2Fy/EDq6CI+O/nSc9ny2aRxn3XcSpt3RxY1OUl9dXY3/XfdyfN1MewWcRbR3nIXU29LRRXh09Kdjm6J9W3TJtDu6HIDUlnoURXL27Nn4kvvy8vLEZ+pIPeyOSD1s4YXQsU3Rvi26JAipj0a/XHI376nbZ+1IvZlo74jUwxZeCB3bFO3bokuCkXoT1E0IK6D2jkg9bOGF0LFN0b4tugSpI/VGor0jUg9beCF0bFO0b4suQepIvZFo74jUwxZeCB3bFO3bokuQOlJvJNo7IvWwhRdCxzZF+7boEqSO1BuJ9o5IPWzhhdCxTdG+LboEqSP1RqK9I1IPW3ghdGxTtG+LbeqI1D0eHJdo74jUwxZeCB3bFO3bYps6InWPB8cl2jsi9bCFF0LHNkX7ttimjkjd48FxifaOSD1s4YXQsU3Rvi22qSNS93hwXKK9I1IPW3ghdGxTtG+LbeqI1D0eHJdo74jUwxZeCB3bFO3bYps6InWPB8cl2jsi9bCFF0LHNkX7ttimjkjd48FxifaOSD1s4YXQsU3Rvi22qSNS93hwXKK9I1IPW3ghdGxTtG+LbeqI1D0eHJdo74jUwxZeCB3bFO3bYps6InWPB8cl2jsi9bCFF0LHNkX7ttimjkjd48FxifaOSD1s4YXQsU3Rvi22qSNS93hwXKK9I1IPW3ghdGxTtG+LbeqI1D0eHJdo74jUwxZeCB3bFO3bYps6InWPB8cl2jsi9bCFF0LHNkX7ttimjkjd48FxifaOSD1s4YXQsU3Rvi22qSNS93hwXKK9I1IPW3ghdGxTtG+LbeqI1D0eHJdo74jUwxZeCB3bFO3bYps6InWPB8cl2jsi9bCFF0LHNkX7ttimjkjd48FxifaOSD1s4YXQsU3Rvi22qSNS93hwXKK9I1IPW3ghdGxTtG+LbeqI1D0eHJdo74jUwxYeHf3pR0e/OiJ1jwfHJdo7InWER0c/+tHRr45I3ePBcYn2jkgd4dHRj3509KvjzKW+vLwsZ86cQeoNR3tHpI7w6OhHPzr61XGmUu/1enL79m25evUqUm842jsidYRHRz/60dGvjjOTehRFcvbsWfnxxx+R+iFEe0ekjvDo6Ec/OvrVcWZS39jYkJ2dHYmiCKkfQrR3ROoIj45+9KOjXx1nIvV+vy/r6+vxGXsdqT979qz2jE97cFwWMh2b7RdCRxfh0bH9Hafdj45+dXRxY22pd7td6XQ6CY4fPy4HBwcTTUf7EZdLtHechdTb0tFFeHRsf8dZhI7+dHQ5cGnk7ncuvx9OtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV8eZS90F7YPjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV8eZSb3b7Uqn05FOpyObm5tIveFo74jUER4d/ehHR786zkTq/X5fLl26JKPRSKIokrNnz8rBwQFSbzDaOyJ1hEdHP/rR0a+OMztTNwyHQ1lZWUHqDUd7R6SO8OjoRz86+tVx5lK3z9qRenPR3hGpIzw6+tGPjn51nKnUh8OhnD9/Xvb39yf+3WfPntV+3WkPThMHP3Rspl8IHV2ER8f2d5x2Pzr61dHFjU5SHw6Hcu7cOdnZ2ak9De1HXC7R3nEWUm9LRxfh0bH9HWcROvrT0cXLTlK/du2ak9CRetgdkTrCo6Mf/ejoV8eZSL3X68V/zubyZ23aB8cl2jsidYRHRz/60dGvjjM7U28C7YPjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV0ek7vHguER7R6SO8OjoRz86+tURqXs8OC7R3hGpIzw6+tGPjn51ROoeD45LtHdE6giPjn70o6NfHZG6x4PjEu0dkTrCo6Mf/ejoV8eZSb3X60mn05FOpyNnzpxB6g1He0ekjvDo6Ec/OvrVcSZS7/f7sri4KAcHBzIajWR5eVk2NzeReoPR3hGpIzw6+tGPjn51nInUe71eQuK9Xk9WV1eReoPR3hGpIzw6+tGPjn51nInUNzY2ZGdnJ3HmfunSJaTeYLR3ROoIj45+9KOjXx1bK/XBYCDffvstAAAA/D+DwWD6Uu92u41cfgcAAIBmaOxGuWvXriXO3AEAAGC6OP1JW7fbjf+kjbN0AACA2TLzD58BAACAZkDqAAAASkDqAAAASmil1KMokrm5ufj9/DqfZDdrlpeXpdPpyPHjx+ObDesui6tXryYeGw6Hcv78ednf3088trKyUvhaWdOq8rMi7Psu7Hsv6k6vLTQ1vm2jynqW9zs//vijV+vEcDiUV155JV53n3vuuUO7GXja20O/35e5ubnEPmKa68Zh9c3b38ySaY9ta6V+9uzZeOU4duzYVFdOV/r9vqyvr8toNJIvv/xSdnZ2MkWcRZXn1ZX6pK9TRrfbTXwnQBPTbANZ4zvreZoW9no2yTo96YHAtLpoXV83Njbk4sWLtU+I6iybwx7nUPc3aVov9dFoJP/617/igcv7kpn0Edzm5qZEUSSXL1+Oz/rtozr7+XW/rCaP9Af1pM8IVldXx65GrK6uZj4va0Mpk3peb/Ocn3/+udLrTDJGaeyzs3RP8/sffvhh/DMzBnmPF41Z0Tg38aVEZeNbNt9ZYz3pOps3jWlTtA7lzaP9O/Y6Ous+eVKwx+D48eOZ63DROpe1rpZtD4cxRukrI/bB6Gj0637V3u8899xz8uDBg8yxLVsm6QO+Jse6bH8zGo1v6+l5NvPyxhtvxP2OHz8uX331lRw5cqR0PS7br05rvW691O3/T+9Mzafe2Zc/0v8/Pz8/dqacnk7dL6sp2qheeeUVeeGFF+IdRtFRZdHZT12pZ/We9HWKKPsworz5tufRvgJjPgch7/GiMas6zulPSWxyfPPmO2+52DvcKuts2bKdFlXP1LN28LbUfeiTPog241l0ddAev7xxyjroK9semuxly9teD/Oknn7czJvdqcoyscc3r1vdzmX7m6xt/YsvvhibZyNds+9YXl4uHPdJ96vTWK9bK3VztGPvOO0jMfvsxh7Q9AGBfaRqdurpL6vJWqmboN/vy5EjR2RzczNzB2gfzZueTUk9q/dhST1rvOzpZfVMz6MZk7zHi8asaJyz1pfDGN+8+c4b6y+//HKidTZvfZn2tlkm9bx1Okvqs+5TdKaefo80Pa/fffdd7jilxz693A67ty1yezstO1MvurRdZZl8//33uVJ37Vy2v8na1m/fvj02z+kz/vRYmWVSZZ+VtV+dxnrdWqmbBW8PZtbGkh5k+2aXWUvdTPvSpUuZR/N5G1gdqVcRQ5NST3/iYFaPlZUV+eqrrzJ7Tkvqh32TpRnfIqlnjfV333030Tqbt75Me9ssWoeK1um01H3oU1XqeeNXR+p520NTndKXf+2bOdNns+nX7vV68bpYJvWsZZIn9SbGumx/k7XMsw5Eqkj9yy+/rLTPytqvTmO9br3U05dTswY2T8pFO0h75W76I3DTG7g5KEnfG2AfQdt3qtrPy5Ntt9sdu0cg787zvCPKKq9TxPCWtisAAAibSURBVPLy8tj71Okd+WeffZbZ0/Xyuz1mReOctb4cxvgWXX7PGuv0jqNsnS1aX6ZJ0TqUN49ZUvehT1WpZ81rkdSLLr/nbQ9Ndcq6TG2+x6PKDci25OyxrbJM8qTe1FgX7W+ytvW6Uv/Pf/6Tu88q269OY71uvdTTK5B9acMcVaaPTssul6Sn0/TNDPb82H/yZF4zfVPcCy+8IJcvX44HP/28PNmaP6tKv86kl4nq3ChnSN/sZTa6rBuq7J5FN4RVubnRfrzqODf1J0tZ41s031ljbZ+pV73El7e+TJOydShrHvPec511n6pSzxu/vHUuvd7ZN8rlbQ9Ndco6QbEPMsx82a9tz2ve/qrKMsmTepNjnbe/ydrWv/jii1pS//7773P3WVWugB72et1KqdcZ6PQ3yrXxb9tDIu9vO9v69+2TzjfrLADUIQipp8/Um/4TNTicMQtZ6qyzAFCHIKQOAAAQAkgdAABACUgdAABACUgdAABACUgdAABACa2WetnHoeb9XlvvoAYAACgiSKmXTQMAAKCNqJZ6na8YPcyvXAUAADhM1Et9kq8YPeyvXAUAADhM1Et9km8jm+a3swEAADSNOqm7fMUoUgcAgDbTaqmPRs1+xehhf+UqAADAYdJ6qY9GzX7F6GF+5SoAAMBhokLqAAAAgNQBAADUgNQBAACUgNQBAACUgNQBAACUgNQBAACUgNQBAACUgNQBAACUgNRh6tgf8GN/LG+v18v8hrxJnw8wLZpal0ejXz5Ei/UYXEHq0Ai//f2RXOzn2R/Fa39Of7/fl8XFxfhT/sw35E36/FkvB9DB/z7+XSb2c5pal6Mokrm5Obl9+3biEzAB6oDUoRGqSt3G/rje9Jfp9Hq9sY/pnfT5AHWpInUbl3XZPJb+WGuAOiB1aIQ6UrfPXMzn8mf9rO7zAeoyqdRd1mUDUocmQOrQCJNKPf21uWU7wkmfD+DCJFJ3XZcNSB2aAKlDI0wi9eFwKOfOnUvs+Lrdbu4ly0mfD+BKVak3sS4bkDo0AVKHRphE6lnfU5++uch+zqTPB3ClqtSbWJcNSB2aAKlDI1SVuv2nPuk/7cn6LvtJnw/QBFWk3tS6bO5+z5oOwKQgdQAAACUgdQAAACUgdQAAACUgdQAAACUgdQAAACUgdQAAACUgdQAAACUgdQAAACUgdQAAACUgdQAAACUgdQAAACUgdQAAACUgdQAAACUgdQAAACUgdQAAACVUlvpwOJS//e1v8vzzz8vzzz8vf/jDH2R3d3fqMzwcDuXy5csyPz8v8/PzcvToUXn06JEMh0P54IMPJIqi3N+NokiuX78+lfl0ea28302PwYsvvij7+/u5P7979+7YY6+++mr83HfeeUcODg4a7/7+++8n5qtK3+Xl5Urrm3k8a/ncuXMnXiaT9st7vax5c1l30/NUtU+ddaip+QaA9jCR1P/5z3/W2sE0OZ08efsm9aYxO/+7d+/Gjz148ED+/Oc/y8HBwdjPzXIeDAYJkbz99tux7Gcl9SrrQN5zhsOhvP3223L27NmxAxr78TpSb2L9LnuNLKlX6eP6uofdDQD8oBGp37lzZ+xMMIoief311+WPf/yjPP/883L9+vWxsyEj2AcPHoz9ftF8lEk9iiI5efJkfDZ/8+bNeJ7efffd+GdXrlyJf39rayt+vnncfv7p06flp59+ypzu7u5u6ZWDsunb08vq2O/35fLly2PL47333pPd3V3p9/vy4YcfZi4vWyQPHjyIxyLvrNE+U01PN0/YZh148cUX5fXXX5f9/X2Joige/6J1IG9e8qT+zjvvyMcff5w4wOn3+7K+vh7/TlNSt6eTtXyy1v+s3lljMUmfSbYze7o///xz5jZXNi1zsDjrHRQATEbty+/msmBaNuZMMIoiOXbsWHzJ1N7Z2juq9O9/8skn8e/84x//GLvEn778bgRZVfYvv/yyPH36VEajkayvr8ujR49kb29PVlZW4t9ZW1uTe/fujT0/b7pZj9n/XzT9xcXF+CDg6tWr8vTp08xpP3jwILHTN9y5c0fu3r2b+/O0SMxBQJZgsg4MqkjdHsMoiuRPf/pTqRztdaDsAMNe38xznz59mri8/P7778tgMHCSetHrHRwc5C6frIOtvN55Ui/rU2c7y1veRdPKGjsAaA/OZ+ppmZgdX/o9PVvW9nTss3T7veCi+ahy+d0+M15YWJCnT5+OXX7f3d2Ve/fuxf81j+/t7Um32828XJ81XfMzc5CQnp+q09/e3s69P6BM6ua/Wcsr60ytSKT21ZIqUk/Pm/0c+4zQFmUVqZedOZsDFLOu5UnNXlZ569gkZ+r28ikal6IDhEn71NnO8qRedVoA0D68kHqRxLPmo0zqRprmZzdv3mxE6nnTNdMyl8/T89OE1Msuv5vL6lnLK+uMtehM9sGDB4nL7/brTiL1vAOCpqRuOmetW4dx+T1r+WStv0W9i6Re1AepA0AVnKWe3umnzzbM42ZnMxolxdDv9+Wvf/3rRDvfMqnbgt3b25OTJ0/GUq9y+d08nnUQkDfdtFCLLr/nTb9I6nk3ytl3s9tvV+TdKGdPr0h6ZscfRZH8/e9/l4ODg9zLs3mX3+0DjX6/L/Pz8/Hv2utAXambm8nefPPNMXkdptTt5ZN1sJXXu0zqRX0m3c7Sr5Xe5qpMCwDaR+M3ypmdWZHUzfOzbtqx/3SpynvqWTem2c9ZWFiQd999N5bvnTt3xm5MG42Sl9XtG+ts6eZN175Rbn5+Xu7du1f4dkDe9Iukbp5v34CVvpkp/fOiu9zLLk/b0866CS69Drz99tvxcz766KNYYubSf/p37XWgrtTNdOy3FA5T6mXLx9x0lte7TOpFfSbdzrKmm7fN5U2L99gB2gcfPgMAAKAEpA4AAKAEpA4AAKAEpA4AAKAEpA4AAKCE3wghhBBCVOT/AH49Hny8dOOCAAAAAElFTkSuQmCC)
Le differenze nei deficit pubblici e nelle cadute del Pil si traducono necessariamente in differenze molto marcate nella dinamica del rapporto debito-Pil. I paesi dell’Europa meridionale sono stati penalizzati sia dalle recessioni più gravi, sia dal maggior livello del debito pubblico prima della crisi (Fig. 3).[5]
![](data:image/png;base64,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)
Per quanto riguarda l’incremento del debito pubblico, nonostante i deficit elevati, i paesi anglosassoni non hanno registrato gli aumenti maggiori, grazie a contrazioni del Pil nominale più contenute.[6] Similmente, i paesi dell’Europa settentrionale, Germania in testa, hanno beneficiato di un incremento del debito contenuto, dovuto sia a deficit minori, sia alle cadute del prodotto relativamente modeste. Infine, i debiti dei paesi come Italia e Spagna, a causa delle recessioni profonde e dei deficit elevati, hanno registrato gli aumenti maggiori. Questa dinamica ha quindi consolidato la divergenza tra i livelli dei debiti pubblici di Nord e Sud Europa.
Per cogliere questo fenomeno si può guardare la serie storica della differenza tra il rapporto debito-Pil italiano e quello tedesco. Questo dato, già in rapida crescita dal 2011, cioè dalla crisi dei debiti sovrani, con la crisi attuale ha raggiunto il massimo storico dalla Seconda Guerra mondiale, cioè quasi 90 punti. Inoltre, secondo le stime del FMI, non diminuirebbe nemmeno nei prossimi anni, arrivando a circa 94 punti nel 2026, poiché la Germania sarebbe su un sentiero di riduzione del debito più rapido (Fig. 4).
![](data:image/png;base64,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)
È probabile che divergenze di questa entità creino nuove tensioni all’interno dell’Unione Europea. L’anno prossimo dovrebbero tornare in vigore le regole sui bilanci pubblici e non sarà facile trovare delle formule che possano contemperare situazioni tanto diverse. Soprattutto, qualora l’inflazione dovesse aumentare, per esempio a causa di una ripresa sostenuta a pandemia finita, la BCE non potrebbe continuare l’attuale politica monetaria espansiva. Di conseguenza, in queste condizioni potrebbero nascere nuove tensioni sia sul fronte politico che su quello finanziario.
[3] Le dimensioni dell’espansione fiscale non coincidono con il deficit, ma sono calcolate come l’incremento del deficit rispetto all’anno precedente rapportato al Pil dell’anno precedente (e non di quello corrente).
[4] I deficit attualmente previsti per il 2021 non tengono sempre conto di eventuali misure discrezionali ulteriori, che potrebbero aggiungersi a quelle già approvate. Ad esempio, le stime dell’FMI per l’Italia non includono il decreto Sostegni (32 miliardi) e il successivo decreto già annunciato (probabilmente di entità simile o maggiore).
[5] La scomposizione della crescita del rapporto debito-Pil è la seguente:
![](data:image/png;base64,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)
dove D è il debito, Y il Pil nominale, d il deficit, g tasso di crescita di Y, ε l’aggiustamento stock-flow, t il tempo.
[6] Mentre Stati Uniti e Australia hanno beneficiato di recessioni molto meno gravi di quelle europee meridionali, nel Regno Unito, nonostante una caduta simile a quella spagnola del Pil reale, il Pil nominale si è contratto solo del 4,7 per cento, contro il 7,8 per cento dell’Italia e il 10,0 per cento della Spagna. Questa differenza potrebbe essere spiegata dal diverso metodo di calcolo del Pil reale per quanto riguarda l’output dei servizi nel Regno Unito. In ogni caso, questo si traduce in un aumento minore del rapporto debito-Pil nel Regno Unito, dovuto alla diminuzione più contenuta del Pil nominale. Vedi: https://iea.org.uk/the-relatively-large-fall-in-uk-gdp-partly-reflects-better-data/.