Tempo di decisioni per l’Eurozona

ATENE – Gli argomenti della Germania contro l’introduzione degli eurobond, l’ampliamento del fondo salva-Stati dell’Eurozona e l’istituzione di un nuovo sistema di governance economica sono trasparenti e facilmente comprensibili. Ma hanno ragion d’essere?

I tedeschi temono che queste innovazioni possano portare a un incremento dei costi di indebitamento nazionali e a trasferimenti monetari diretti e indiretti verso i Paesi più fragili. Temono altresì l’azzardo morale derivante da un eventuale alleggerimento di pressione per quei Paesi iper-indebitati che dovrebbero mettere in ordine le proprie finanze pubbliche. Parlano delle difficoltà costituzionali e di quelle relative al trattato nello stabilire regole e procedure che simulerebbero una “unione fiscale”. Infine, pensano che la necessità di andare avanti con l’unificazione europea allo scopo di legittimare l’inevitabile violazione di sovranità dei Paesi eccessivamente indebitati possa usurpare la sovranità della stessa Germania.

D’altro canto, rifiutare di accettare il crescente consenso rispetto a un’unione fiscale come chiave per risolvere la crisi debitoria espone l’Eurozona e la Germania a rischi seri. Ostinarsi con misure tappabuchi non fa che accrescere l’impazienza dei mercati e provocare attacchi speculativi sempre più forti, non solo nella periferia europea, ma anche nei Paesi “core” con rating AAA, come la Francia o la stessa Germania, le cui banche detengono ampi volumi di debito relativo ai Paesi periferici.

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