¡Europa: sánate a ti misma!

BRUSELAS – A las autoridades europeas encargadas de elaborar políticas les gusta ensalzar la fortaleza de la eurozona: la eurozona, en comparación a los Estados Unidos, tiene un déficit fiscal mucho menor (4% del PIB, frente al casi 10% de los EE.UU.). Además, a diferencia de los EE.UU., la eurozona no tiene un déficit exterior, lo que significa que la unión monetaria tiene los ahorros suficientes como para poder financiar todos los déficits presupuestarios de sus miembros y resolver sus problemas de deuda.

Pero, a pesar de esta fortaleza relativa, los líderes de la Unión Europea parecen ser incapaces de resolver la crisis de la deuda soberana de la eurozona. A pesar de celebrar una reunión tras otra, los jefes de Estado y los ministros de finanzas no han logrado tranquilizar a los mercados. Ahora, los encargados de elaborar políticas en Europa están apelando a la ayuda del Fondo Monetario Internacional y de inversionistas asiáticos.

Este pedido de ayuda externa está mal encaminado, teniendo en cuenta las razones por las cuales la crisis del euro ha ido de mal en peor, a pesar de los abundantes recursos de la UE. El problema clave es la distribución del ahorro dentro de la eurozona. Los países ubicados al norte de los Alpes tienen excedentes de ahorro, pero los ahorristas europeos del norte no quieren financiar a los endeudados países del sur de Europa, como Italia, España y Grecia.

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