La scelta della Germania

FRANCOFORTE –  La crisi dell’euro ha già trasformato l’Unione europea da associazione volontaria di Stati alla pari a una relazione creditori-debitori da cui non è facile scappare. I creditori sono destinati a perdere ingenti somme qualora uno Stato membro uscisse dall’unione, eppure i debitori sono soggetti a politiche che peggiorano la loro depressione, aggravano il loro peso debitorio e prolungano la loro posizione di subordinazione. Di conseguenza, la crisi ora minaccia di distruggere l’Unione europea. Sarebbe una tragedia di proporzioni storiche, che può essere evitato solo con la leadership della Germania.

Le cause della crisi non possono essere comprese appieno senza riconoscere il difetto fatale dell’euro: creando una banca centrale indipendente, i Paesi membri si sono indebitati in una valuta che non controllano. Innanzitutto, sia le autorità che i partecipanti al mercato hanno trattato tutti i titoli di stato come se fossero senza rischio, creando un incentivo perverso per le banche di accumulare titoli deboli. Quando la crisi greca ha sollevato lo spettro del default, i mercati finanziari hanno reagito senza mezzi termini, relegando tutti i Paesi membri dell’Eurozona altamente indebitati allo status di Paese del Terzo mondo iper-indebitato in una moneta estera. Successivamente, i Paesi membri pesantemente indebitati sono stati trattati come se fossero gli unici responsabili delle loro sventure, e il difetto strutturale dell’euro non fu corretto.

Una volta compreso questo, la soluzione praticamente viene da se. Può essere riassunta in un’unica parola: eurobond.

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