La alternativa de Alemania

FRÁNCFORT – La  crisis del euro ya ha transformado a la Unión Europea de una asociación voluntaria de Estados iguales en una relación entre deudores y acreedores de la que no resulta fácil escapar. Los acreedores podrían perder grandes sumas, si un Estado miembro saliera de la unión monetaria; sin embargo, los deudores están sometidos a políticas que ahondan su depresión, agravan la carga de su deuda y perpetúan su situación subordinada. A consecuencia de ello, la crisis amenaza ahora con destruir a la UE. Sería una tragedia de proporciones sin precedentes, que sólo la dirección de Alemania puede prevenir.

No se pueden entender correctamente las causas de la crisis sin reconocer la deficiencia fatal del euro: al crear un banco central independiente, los países miembros han acabado endeudados en una divisa que no controlan. Al principio, tanto las autoridades como los participantes en el mercado consideraron todos los bonos estatales como si carecieran de riesgo, lo que creó un incentivo perverso para que los bancos se llenaran con los bonos más débiles. Cuando con la crisis griega apareció el espectro de la suspensión de pagos, los mercados financieros reaccionaron intensamente y relegaron a todos los miembros profundamente endeudados de la zona del euro a la condición de un país del Tercer Mundo que no puede satisfacer sus obligaciones financieras en una divisa extranjera. Posteriormente, se consideró a los países miembros profundamente endeudados como si fueran los únicos responsables de sus desgracias y siguió sin corregirse el defecto estructural del euro.

Una vez entendido eso, la solución se desprende por sí sola. Se puede resumir en una palabra: eurobonos.

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