El arma defectuosa del BCE

BRUSELAS – La inflación en la eurozona se resiste a abandonar su trayectoria descendente, lo que hace aumentar la presión para que el Banco Central Europeo haga "algo" a fin de impedir una deflación rotunda. Este "algo" normalmente se entiende como compras masivas de activos, o flexibilización cuantitativa (QE por su sigla en inglés). ¿Pero será ésta, acaso, la solución del problema?

La discusión hasta el momento ha seguido patrones nacionales fácilmente predecibles: los países acreedores no objetan la deflación, porque ésta aumenta el valor real de su inversión, mientras que la carga financiera de los países deudores se tornaría más pesada.

En una economía cerrada, por cada crédito debe de haber una deuda correspondiente. Pero consideremos los países individuales: algunos tienen una deuda externa considerable, mientras que otros mantienen una posición de acreedores importantes.

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