Hora de tomar decisiones en la eurozona

ATENAS – Los argumentos de Alemania en contra de introducir los eurobonos, ampliar el fondo de rescate de la eurozona e instituir un sistema integral de gobernanza económica son transparentes y fáciles de entender. Pero, ¿son acertados?

Los alemanes temen que dichas innovaciones puedan conducir a un aumento de los costos de crédito internos y de transferencias fiscales directas e indirectas hacia los países más pobres. Además, advierten sobre el riesgo moral que se generaría al liberar a los países sobreendeudados de la presión de poner en orden sus finanzas públicas. Tercero, hablan de las dificultades constitucionales y las relacionadas con el Tratado que surgirían si se establecen reglas y procedimientos que simularían una “unión fiscal.” Finalmente. La necesidad de avanzar con la unificación europea a fin de legitimar la inevitable violación de la soberanía de los países sobreendeudados, finalmente también podría infringir la de Alemania.

Por otro lado, la eurozona y Alemania se exponen a serios riesgos al no querer aceptar el creciente consenso de que la unión fiscal es un asunto clave para resolver la crisis de deuda. Aferrarse a medidas a medias exacerba la impaciencia de los mercados y provoca cada vez más ataques especulativos enérgicos, no solo en los países periféricos más débiles, sino también en el núcleo de los países con calificación AAA –como Francia, y en última instancia, la misma Alemania- cuyos sectores bancarios tienen grandes cantidades de deuda de los países periféricos.

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