Europe's Largest Non-Financial Firms Have Become Net Lenders Since 2009 (socialeurope.eu)

• 300 largest European non-financial firms became net lenders in 2009
• Reinvestment rate halved from 18.9% (2000) to 7.4% (2024)
• 2.7 million jobs at risk from restructuring, 80% from profitable firms
• Author calls for mission-oriented industrial policy with conditions on public support

"A study for the European Trade Union Confederation finds that Europe's 300 largest listed non-financial corporations have saved more than they invest since 2009, becoming net lenders to the rest of the economy. The share of profits reinvested in productive capacity fell from 18.9% in 2000 to 7.4% in 2024. Restructuring announcements put 2.7 million jobs at risk, with nearly 80% coming from profitable firms. The author argues that financialisation is a policy outcome reversible through mission-oriented industrial policy."