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La solución de la crisis bancaria de Europa en Italia

LONDRES – El sector bancario europeo está paralizado y muy fragmentado. Aunque la situación es peor para algunos países e instituciones financieras, el sector en su conjunto opera con un nivel de rentabilidad que, en promedio, es menor al costo del capital propio, y mantiene un stock de préstamos morosos y activos de valor dudoso suficientemente grande para debilitar su capitalización por muchos años.

Italia es un buen ejemplo. Cuenta con un sector bancario disfuncional que debilita la recuperación económica e inhibe la inversión, y cuyas dificultades son la punta visible de un problema que afecta a toda la eurozona.

Ya en el primer semestre de 2012 quedó en claro que el sistema bancario europeo era el eslabón débil de la arquitectura del euro. Se comprendió que la eurozona necesitaba supervisión bancaria común, un marco centralizado de resolución de entidades financieras en problemas y un esquema de garantía de depósitos mutualizado, y se pensó que estas medidas ayudarían en el corto plazo a acelerar la recuperación de los bancos, poner fin a la fragmentación financiera, nivelar el campo de juego, reducir el riesgo de crisis bancarias futuras y, finalmente, contener y compartir los costos de las quiebras bancarias.

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