Il muro di denaro costruito dalla Bce

BRUXELLES – Durante tutta la crisi il comportamento della Banca centrale europea è stato condizionato dalle tensioni tra ciò che poteva e non poteva fare.

La Bce è l’unica istituzione dell’Unione europea in grado di fornire finanziamenti illimitati ai governi, anche se il suo statuto vieta i salvataggi dei Paesi membri. Ciò nonostante, la Bce ha fornito ingenti iniezioni di liquidità al sistema finanziario, indirettamente allentando la pressione sui rifinanziamenti debitori dei governi. Nell’ambito del Securities Market Program, la Bce sta acquistando da 18 mesi titoli di Stato – per oltre 200 miliardi di euro (254 miliardi di dollari) – sul mercato secondario. Ha altresì concesso prestiti al settore bancario, lanciando di recente un’operazione di rifinanziamento a tre anni che ha generato una richiesta da parte delle banche dell’Eurozona pari a 489 miliardi di euro.

Nel suo discorso di inizio dicembre al Parlamento europeo, il Presidente della Bce Mario Draghi ha ribadito il proprio impegno a fornire un sostegno illimitato alle banche per evitare il rischio di “credit crunch”, ossia di stretta creditizia. Ed è in questi termini che si colloca il muro di denaro costruito dalla Bce poco prima di Natale.

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