Giuseppe Cacace/AFP/Getty Images

حل أزمة أوروبا المصرفية في إيطاليا

لندن ــ لقد أصبح القطاع المصرفي الأوروبي مُعَطَّلا ومفتتا للغاية. ورغم أن مشاكله أكثر حِدة بالنسبة لبعض الدول والمؤسسات المالية، يعمل القطاع على مستوى من الربحية أدنى في المتوسط من تكاليف حقوق الملكية، ويحتفظ بمخزون من القروض المتعثرة وأصول يصعب تقييمها وضخمة بالقدر الكافي لتقويض قيمتها السوقية لسنوات قادمة.

وتُعَد إيطاليا مثالا واضحا هنا. فقطاعها المصرفي المختل لا يقوض التعافي الاقتصادي ويثبط الاستثمار فحسب؛ بل وتمثل المتاعب التي تواجه القطاع أيضا الطرف الحاد من مشكلة تؤثر على منطقة اليورو بالكامل.

بحلول ربيع عام 2012، بات من الواضح أن النظام المصرفي الأوروبي يشكل نقطة الضعف الحرجة في الهندسة المعمارية لليورو. وكان من المفهوم أن الإشراف المصرفي المشترك، وإطار الحل المركزي، ونظام ضمان الودائع المتبادل، من الركائز الضرورية لمنطقة اليورو. كما كان من المتصور أن هذه التدابير من شأنها أن تساعد في الأمد القريب في التعجيل بإصلاح البنوك، وأنها قادرة على إنهاء التفتت المالي، وضمان تكافؤ الفرص، والحد من مخاطر الأزمات المصرفية في المستقبل، وفي نهاية المطاف احتواء وتقاسم تكاليف الإخفاقات المصرفية.

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