????日本最近的經(jīng)濟(jì)刺激措施似乎也并未奏效。其激進(jìn)的計(jì)劃實(shí)質(zhì)上就是由央行加大貨幣供給以應(yīng)對(duì)通貨膨脹，但并未達(dá)到預(yù)期效果。

????日本真正需要的是私人投資，而不是金融工程。歐洲也是如此。在上周四公布的數(shù)據(jù)中，最令人擔(dān)憂的是歐洲的私人相關(guān)投資第二季度下降了1.1%。公司投資也減少了0.8%，連續(xù)第10個(gè)季度呈負(fù)增長(zhǎng)。更糟糕的是家庭投資，萎縮幅度達(dá)到2.4%。據(jù)德國(guó)經(jīng)濟(jì)研究所（German Institute for Economic Research）統(tǒng)計(jì)，從金融危機(jī)爆發(fā)以來(lái)，歐盟國(guó)家的固定資本形成總值累計(jì)下降了15%。

????歐元區(qū)的投資差額目前占GDP的比例達(dá)到驚人的2%，約每年2,000億歐元。歐洲必須盡快采取措施解決這一問(wèn)題，否則將會(huì)陷入毀滅性的通貨緊縮螺旋，恐怕要等數(shù)年之后才能解脫。

????那么，歐洲如何才能吸引到更多的投資？

????修改稅法，鼓勵(lì)并獎(jiǎng)勵(lì)人們將資金投入到股票市場(chǎng)將是一個(gè)良好的開(kāi)端。降低或至少臨時(shí)性地取消資本收益稅，也可以幫助實(shí)現(xiàn)這一目標(biāo)。雖然歐洲經(jīng)濟(jì)環(huán)境不景氣，但歐洲公司的業(yè)績(jī)還不太寒磣，所以投資這些公司可不是做慈善。

????歐洲也可以開(kāi)發(fā)一種針對(duì)私營(yíng)部門(mén)借貸的通用投資工具。德國(guó)經(jīng)濟(jì)研究所已經(jīng)提議建立這樣一只基金，該研究所認(rèn)為，這種基金可以提供足夠的推動(dòng)力，讓歐洲大陸的投資活躍起來(lái)。他們希望基金規(guī)模最低達(dá)到1,000億歐元，在歐洲各地進(jìn)行投資——不僅包括邊緣國(guó)家，也包括核心國(guó)家。

????這兩種方式都需要協(xié)調(diào)歐洲各國(guó)的投資與銀行法律，而歐盟在這方面已經(jīng)拖延了數(shù)年時(shí)間。

????要在歐洲實(shí)現(xiàn)真正可持續(xù)的投資會(huì)面臨重重困難。這不僅需要?dú)W盟各國(guó)更緊密地融合，也需要改變投資者對(duì)歐洲經(jīng)濟(jì)及其勞動(dòng)力的觀念。投資者需要確信，歐洲真心希望發(fā)展，領(lǐng)導(dǎo)人不會(huì)為了短期政治利益而犧牲投資者。如果投資者確立了信心，歐洲將會(huì)出現(xiàn)爆炸式增長(zhǎng)。但愿歐洲的領(lǐng)導(dǎo)人不會(huì)花上四分之一個(gè)世紀(jì)的時(shí)間才能最終解決這一問(wèn)題。（財(cái)富中文網(wǎng)）

????譯者：劉進(jìn)龍/汪皓

????Japan’s latest move to boost its economic fortunes isn’t looking like it’s working, either. The radical plan, which would see its central bank essentially doubling the money supply in a bid to fight off deflation, hasn’t worked out as well as some had hoped.

????What Japan needs is some real private investment, not more financial engineering. The same holds true for Europe. Among the most worrisome statistics released Thursday were those concerning investment, which decreased 1.1% in the quarter. Corporate investment was down 0.8%, its 10th consecutive quarter of negative growth. Even worse was household investment, which shrank a horrifying 2.4%. Since the start of the financial crisis, gross fixed capital formation across the European Union has been down a cumulative 15%, according to the German Institute for Economic Research.

????The investment shortfall across the eurozone now stands at a staggering 2% of GDP, or about 200 billion euros a year. Something must be done to address this investment shortfall as soon as possible or else Europe could find itself caught in a destructive, deflationary spiral that could take years to unravel.

????So, how can Europe attract more investment?

????Changing its tax laws to encourage and reward people who invest their money in the equity markets would be a good start. Lowering capital gains taxes, or eliminating them altogether, at least temporarily, could help accomplish this. European companies aren’t doing too shabby at the moment, despite the sour economic environment, so investing in them is hardly charity.

????Europe could also move to create a common investment vehicle aimed at private sector lending. Such a fund has been proposed by the German Institute for Economic Research, which believes it could provide the boost needed to get investment rolling on the continent. They would like to see 100 billion euro (minimum) fund for investments to be made all across the continent—not just on the periphery but in the core countries as well.

????Both ideas would require harmonization of investment and banking laws across the continent, something that the E.U. has been dragging its feet on for several years now.

????Achieving real and sustainable investment in Europe is going to be tough. It requires not only closer E.U. integration but also a shift in investors’ perceptions of the continent’s economy and its workforce. Investors need to be convinced that Europe really wants to grow and that its leaders won’t sell them out for short-term political gains. When that happens, Europe could see explosive growth. Let’s hope the continent’s leaders don’t take a quarter of a century to figure all this out.