El presupuesto en la sombra de Europa

MÚNICH – Por fin han salido a la luz más detalles del plan de inversión de la Comisión Europea para el período 2015-2017, que asciende a 315.000 millones de euros (390.000 millones de dólares). El programa, anunciado por el Presidente de la Comisión Europea, Jean-Claude Juncker el pasado mes de noviembre, equivale a un enorme presupuesto en la sombra, el doble del presupuesto anual oficial de la Unión Europea, con el que se financiarán proyectos de inversión pública y que, en última instancia, ayudará a los gobiernos a eludir los límites de deuda establecidos en el Plan de Estabilidad y Crecimiento.

Los préstamos se tramitarán por mediación del nuevo Fondo Europeo de Inversiones Estratégicas, que depende del Banco Europeo de Inversiones. El FEIE contará con 5.000 millones de euros de capital inicial, producido mediante la revalorización de los activos el BEI existentes, y estará respaldado por 16.000 millones en garantías de la Comisión Europea. Se espera que el Fondo los aproveche para obtener unos 63.000 millones en préstamos y posteriormente los inversores privados aporten unos cinco euros por cada euro prestado, con lo que la inversión total ascenderá a los 315.000 millones previstos.

Aunque los países de la UE no harán aportación alguna real de fondos, brindarán garantías explícitas e implícitas para los inversores privados, disposición que se parece sospechosamente a la responsabilidad conjunta representada por los eurobonos. En vista del rechazo categórico de los eurobonos por la Canciller de Alemania, Angela Merkel, la UE movilizó a una multitud de especialistas financieros para buscar una forma creativa de eludirla. El resultado fue el FEIE.

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