No olviden el legado de Wim Duisenberg

Lo más sorprendente y controvertido del alza de las tasas de interés aplicada en diciembre pasado por el Banco Central Europeo fue que, después de dos años y medio de mantenerlas en niveles excepcionalmente bajos, la entidad se atrevió a un aumento de sólo 25 puntos base sin la promesa de otras alzas en el futuro. La presión política sobre el banco central de Europa puede ser la razón de esa tímida medida.

Jean-Claude Trichet, el actual presidente del BCE, puede estar en el mismo puesto pero no en el mismo ambiente que su predecesor Wim Duisenberg, quien dijera la famosa frase “Oigo a los políticos, pero no los escucho”. En la actualidad, la presión política sobre el BCE es mucho mayor que en los tiempos de Duisenberg y el ambiente político es mucho más hostil. Parte de esta presión puede estar filtrándose y afectando las decisiones sobre políticas del BCE.

Esto es extremadamente negativo, y uno de los mayores desafíos del banco central para el año 2006. La influencia de los políticos no sólo estará orientada al exceso monetario, lo que por supuesto es un asunto bastante serio para un banco cuyo mandato principal es la estabilidad de los precios, sino que esto también constituirá una grave barrera a la reforma estructural, que es esencial para la prosperidad europea en una economía global competitiva.

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