La maldestra rivoluzione bancaria dell’Europa

BRUXELLES – Verso la fine dell’anno scorso, i ministri delle finanze dell’eurozona sono giunti ad un compromesso sugli elementi fondamentali del Meccanismo unico di risoluzione (Single Resolution Mechanism - SRM), ovvero su come gestire le banche in difficoltà. All’apparenza non è un buon compromesso, ma sembra che possa funzionare.

L’ingrediente principale del compromesso è utilizzare, almeno inizialmente, dei fondi nazionali separati nel caso del salvataggio di una banca, creando allo stesso tempo un Fondo unico di risoluzione (Single Resolution Fund - SRF) pari a circa 55 miliardi di euro (75 miliardi di dollari) per i prossimi dieci anni, finanziato dai contributi delle stesse banche. L’intero Meccanismo unico di risoluzione dovrebbe essere gestito da un collegio di supervisori nazionali e rappresentanti della Banca Centrale Europea e della Commissione europea.

I difetti di questo compromesso sono evidenti. Innanzitutto, l’SRM non sarà, almeno inizialmente, l’“unico” strumento, infatti i fondi nazionali (e di conseguenza le autorità nazionali) continueranno ad essere responsabili delle “proprie” difficoltà bancarie, il che significa che il contributo del Fondo unico di risoluzione ad eventuali operazioni di salvataggio aumenterà in maniera graduale. Ci vorranno circa dieci anni, arrivando quindi più o meno al 2025, affinché l’SRM diventi realmente “unico” e affinché i fondi nazionali separati smettano di essere utilizzati.

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