Los nuevos filósofos

PRINCETON – En la reciente reunión de ministros de Hacienda del G-20 celebrada en Australia, el Secretario del Tesoro de los Estados Unidos, Jack Lew, observó “diferencias filosóficas con algunos de nuestros amigos de Europa”, antes de instar a los europeos a hacer más para impulsar su anémica tasa de crecimiento. Esa terminología resulta chocante y subraya la dificultad que entraña la búsqueda por parte de Europa de una salida de su malestar actual.

El ministro de Hacienda del Canadá, Joe Oliver, se unió al llamamiento en pro de una expansión fiscal en Europa, posición para la que parece haber algo de apoyo en el Banco Central Europeo. De hecho, el Presidente del BCE, Mario Draghi, ha propugnado un mayor gasto por parte de los países fiscalmente más fuertes, como Alemania. Y el miembro del Consejo Ejecutivo del BCE, Benoit Coeure, junto con su ex colega Jörg Asmussen, actual viceministro de Trabajo de Alemania, propuso recientemente que Alemania “utilizara su margen de maniobra disponible para fomentar la inversión y reducir la carga tributaria de los trabajadores”.

En realidad, la mayor parte del mundo cree que Alemania debe adoptar una política fiscal más expansiva. Según esa opinión, la austeridad es contraproducente, porque induce desaceleraciones y recesiones que dificultan más la consolidación fiscal a largo plazo.

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