La seconda chance della riforma europea

MONACO DI BAVIERA – La Banca centrale europea è riuscita a calmare i mercati con la promessa di un acquisto illimitato di titoli dei governi dell'eurozona, rassicurando così gli obbligazionisti che, se necessario, i contribuenti e i pensionati dei Paesi europei ancora stabili si sarebbero accollati l'onere del rimborso. Sebbene la Bce non abbia specificato come avverrà tale operazione, il suo impegno ha stimolato l'appetito degli investitori, ha ridotto gli spread sui tassi d'interesse nella zona euro, e ha permesso di limitare il finanziamento delle economie colpite dalla crisi attraverso la stampa di moneta (credito Target).

Questa tregua offre l'occasione ideale per promuovere delle riforme. Il primo ministro greco Antonis Samaras deve convincere i suoi connazionali che è seriamente intenzionato a procedere in tal senso. D'altro canto, il primo ministro spagnolo Mariano Rajoy e il ministro delle finanze portoghese Vitor Gaspar meritano un maggiore sostegno per i rispettivi piani. Sul fronte italiano, infine, si può solo sperare che Mario Monti, presidente del consiglio del governo di transizione, concorra alle prossime elezioni. Questi leader sono tutti consapevoli di ciò che va fatto.

D'altro canto, la Francia non sembra aver prestato attenzione alla scritta sul muro. Il suo presidente, François Hollande, vuole risolvere i problemi del Paese a colpi di programmi di crescita. Ma quando i politici dicono "crescita", in realtà intendono "prestito", e questa è l'ultima cosa di cui la Francia ha bisogno.

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