Keynesiani d'Europa allo sbando

CAMBRIDGE – Non esiste una bacchetta magica keynesiana in grado di alleviare le sofferenze dell'eurozona. Pur così, non sorprende l'odierno dibattito, estremamente confusionario, sul fatto che un'eccessiva austerità stia uccidendo l'Europa. I commentatori, risucchiati dalla politica, si scagliano contro qualunque bersaglio disponibile, mentre le masse "anti-austerità" sembrano credere che esistano davvero soluzioni semplici per problemi strutturali complessi.

Da tempo sostengo che le difficoltà dell'eurozona derivano dal fatto che l'integrazione finanziaria e monetaria europea è andata troppo avanti rispetto all'unione politica, fiscale e bancaria. E questo non è certo un problema con cui Keynes abbia mai avuto a che fare né tanto meno abbia mai cercato di risolvere.

Innanzitutto, qualunque strategia realistica per affrontare la crisi dell'eurozona deve prevedere una massiccia svalutazione (condono) del debito dei Paesi periferici. La combinazione - ormai quasi inscindibile - di un elevato debito statale e bancario in questi Paesi rende l'obiettivo di una crescita rapida e sostenuta un semplice miraggio.

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