Paul Lachine

El Banco Central Europeo en un mar de dudas

NEWPORT BEACH – Los puristas de los bancos centrales están confundidos. ¿Cómo es posible que el Banco Central Europeo, una institución germánica, se dedique ahora a comprar los bonos del estado emitidos por cinco de sus diecisiete miembros? ¿A qué se debe que esta autoridad monetaria actúe como una agencia fiscal? Supuestamente, ¿no es el BCE una institución políticamente independiente y operativamente autónoma comprometida con la lucha contra la inflación y la protección de la moneda?

Sí y no. Y esa respuesta refleja las alarmantes realidades de los bancos centrales actuales (o, para ser más exactos, de los bancos centrales luego de la burbuja, en un mundo de excesos de endeudamiento y preocupaciones sobre la deuda soberana). También ilumina el final que se perfila para una eurozona confundida e inquieta.

Una analogía marítima simplifica parte de la complejidad. Imagine que llaman a un agilísimo navío de la Guardia Costera rescatar un barco en apuros. Mientras el rescate tiene lugar, el navío descubre que debe salvar además a otras dos embarcaciones de mayor calado. Lo hace, pero no antes de que su capitán reciba garantías de que otro barco con más capacidad está en camino para ayudar.

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