Los keynesianos perdidos de Europa

CAMBRIDGE – No existe una panacea keynesiana para las aflicciones de la zona del euro. Pero aún así, no sorprende el espectacularmente confuso argumento actual que sostiene que el exceso de austeridad está matando a Europa. Los comentaristas, consumidos por la política, atacan ferozmente a cualquier blanco disponible, mientras que las masas «antiausteridad» aparentemente creen que existen soluciones cíclicas fáciles para los problemas estructurales difíciles.

Las dificultades de la zona del euro, sostengo desde hace tiempo, derivan del excesivo avance de la integración financiera y monetaria europea respecto de su unión política, fiscal y bancaria real. Este no es un problema con el cual Keynes estuviera familiarizado y, mucho menos, uno que haya intentado resolver.

Sobre todo, cualquier estrategia realista para atender a la crisis de la zona del euro debe implicar enormes quitas (perdones) a las deudas de los países periféricos. La gigantesca deuda bancaria y gubernamental combinada de esos países –la diferencia se ha desdibujado toda Europa– ha convertido al crecimiento sostenido en un sueño.

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