La banca internacional pende de un hilo

LONDRES.– Finalmente se tiene conciencia de la gravedad de la crisis en la eurozona. Los riesgos son extremos. Los gobiernos y las instituciones financieras internacionales a duras penas lograron presentar una solución en medio de restricciones políticas y económicas extremadamente severas. Todavía quedan muchas preguntas por responder sobre su diseño; la implementación será al menos tan difícil como lo fue producir esa propuesta.

Los líderes de la eurozona no solo deben ahora preservar la moneda única, sino también los beneficios de la integración financiera europea. Ninguna otra región en el mundo se ha beneficiado tanto de la banca internacional. Sin embargo, estos logros ahora están en riesgo –y con ellos, los propios grupos bancarios europeos.

La amenaza a los bancos transfronterizos llega no solo de la mano de los deterioros en sus balances por la pérdida de calidad de la deuda soberana y las menores perspectivas de crecimiento, sino también de la propia respuesta de política. Hoy día ya está generalmente aceptado que los bancos europeos necesitan masivas entradas de nuevos capitales. Sin embargo, a pesar de los valientes intentos por parte de la Autoridad Bancaria Europea para exigir y coordinar las medidas necesarias, una solución europea debe considerar la red de filiales extranjeras en toda Europa.

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