La desgarbada revolución bancaria de Europa

BRUSELAS – A finales del año pasado, los ministros de finanzas de la eurozona llegaron a un acuerdo sobre los elementos básicos del Mecanismo Único de Resolución (MUR) – es decir, llegaron a un acuerdo sobre cómo lidiar con los bancos en dificultades. Este es un acuerdo que no es bonito, pero sin embargo es también probable de que llegue a funcionar.

El ingrediente principal del acuerdo es usar, por lo menos inicialmente, fondos nacionales independientes en caso de que un banco necesite ser salvado, mientras que al mismo tiempo también se constituya un Fondo Único de Resolución (FUR) que sea común y que llegue a contar con hasta cincuenta y cinco mil millones de euros (setenta y cinco mil millones de dólares) en el transcurso de los próximos diez años, fondo que se financiará con las contribuciones de los propios bancos. El MUR en su totalidad estaría dirigido por un grupo de supervisores nacionales y por representantes del Banco Central Europeo y de la Comisión Europea.

Los defectos de este acuerdo son evidentes. Para empezar, el MUR no será en lo absoluto, por lo menos al principio, un mecanismo “único”. Los fondos nacionales – y por lo tanto las autoridades nacionales – continuarán siendo responsables de los problemas de “sus” bancos, mientras que las contribuciones del FUR a cualquier operación de rescate se incrementarán únicamente de forma gradual. Pasará por lo menos una década a partir de ahora – aproximadamente hasta el año 2025 – antes de que el MUR sea realmente “único”, en dicho momento el uso de los fondos nacionales independientes llegará a su fin.

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