La politica dell'azzardo morale

BRUXELLES – Si tratta di una disputa antica e senza fine. Da un lato, ci sono i detrattori dell'azzardo morale, ovvero coloro che sostengono che una delle maggiori responsabilità dei politici sia creare incentivi per dimostrare che un comportamento imprudente non paga. Dall'altro, ci sono i partigiani della stabilità economica, per i quali la fiducia nel sistema finanziario è troppo preziosa per essere messa a repentaglio, anche se con le migliori intenzioni.

Cipro è l'ultimo campo di battaglia che ha visto le due fazioni a confronto. Il 25 marzo scorso, dopo la decisione di smantellare la seconda banca più importante del Paese e di imporre ingenti perdite ai depositanti non assicurati, il presidente dell'Eurogruppo Jeroen Dijsselbloem, ministro delle finanze olandese, ha dichiarato che un settore finanziario in buona salute implica che "quando si assumono rischi, bisogna poi affrontarli". L'obiettivo, ha aggiunto, deve essere quello di creare condizioni per cui i ministri delle finanze europei "non debbano mai prendere in considerazione la ricapitalizzazione diretta" di una banca ricorrendo al Meccanismo europeo di stabilità. Evidentemente, stava citando le parole di un manuale sull'azzardo morale.

Subito dopo questa dichiarazione, però, i prezzi dei titoli bancari europei sono precipitati e Dijsselbloem è stato accusato da molti, compresi alcuni suoi colleghi, di aver gettato benzina sul fuoco. Nel giro di poche ore, quindi, ha rilasciato una dichiarazione chiarendo che "Cipro è un caso specifico con sfide eccezionali" e che nell'approccio alla crisi europea "non esistono modelli".

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