Una segunda oportunidad para la reforma europea

MUNICH – El Banco Central Europeo logró tranquilizar a los mercados con su promesa de compras ilimitadas de bonos de gobiernos de la eurozona, porque efectivamente aseguró a los tenedores de bonos que los contribuyentes y los pensionados de las economías todavía sólidas de la eurozona asumirían la carga del reembolso si fuera necesario. Aunque el BCE no especificó cómo es que esto se llevaría a cabo, su compromiso despertó el apetito de los inversores, redujo los diferenciales de las tasas de interés en la eurozona y permitió reducir el financiamiento de las economías afectadas por la crisis a través de la imprenta. 

Este respiro ofrece una oportunidad ideal para impulsar las reformas. El primer ministro griego, Antonis Samaras, debe convencer a sus compatriotas de que tiene serias intenciones de ponerlas en práctica. El primer ministro español, Mariano Rajoy, y el ministro de Finanzas portugués, Vitor Gaspar, merecen más respaldo para sus planes. Y es de esperarse que el primer ministro interino de Italia, Mario Monti, dispute la próxima elección general. Todos estos líderes entienden qué es lo que se debe hacer.

Francia, en cambio, no parece haber entendido lo que sucede. El presidente François Hollande quiere resolver los problemas de su país con programas de crecimiento. Pero cuando los políticos dicen "crecimiento" están hablando de "endeudamiento". Eso es lo último que necesita Francia.

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