El BCE se está pasando de la raya

PRINCETON – La reciente decisión del Tribunal Constitucional de Alemania con respecto a remitir la demanda en contra del Banco Central Europeo relativa a las denominadas “transacciones monetarias directas” (TMD) ante el Tribunal de Justicia de la Unión Europea (TJUE) vierte incertidumbre sobre lo que depara el futuro para dicho esquema. Lo que sí queda claro es que el andamiaje económico detrás de dichas transacciones tiene fallas – y también las tienen las políticas relacionadas a las mismas.

El programa de TMD salió a la luz en agosto del año 2012, en un momento en el que los meses de aumento implacable en las primas de riesgo de los bonos soberanos españoles e italianos se tornaban en una amenaza para la supervivencia de la eurozona y ponían en peligro a la economía mundial. Con el objetivo de restablecer la confianza y ganar tiempo para que los gobiernos reduzcan su endeudamiento, el presidente del BCE, Mario Draghi, se comprometió a hacer “todo lo que sea necesario” para preservar a la eurozona – y eso se tradujo en posibles compras ilimitadas de bonos de deuda pública de los países miembros de la eurozona que se encontraban en dificultades.

Las declaraciones de Draghi funcionaron, ya que incitaron una fuerte disminución en las primas de riesgo en todas las economías con problemas de la eurozona. Sin embargo, el presidente del Bundesbank, Jens Weidmann, quien también es miembro del Consejo de Gobierno del BCE, cuestionó inmediatamente el programa de TMD, afirmando que dicho programa excedía el mandato recibido por el BCE y violaba el artículo 123 del tratado de Lisboa, mismo que prohíbe que se otorgue financiación monetaria a los Estados soberanos en dificultades. Antes de que el programa de TMD entre en actividad, Weidmann llevó este asunto ante el Tribunal Constitucional de Alemania.

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