Alla ricerca di denaro a basso tasso di interesse

BRUXELLES – Varie forme di “bond europei”, più precisamente eurobond, sono state recentemente proposte come via d’uscita dall’attuale crisi dell’Eurozona, cosa che, a detta dei fautori, faciliterebbe una riduzione dei costi di indebitamento. Tuttavia, tale ambizione sembra pressoché destinata a fallire sul nascere.

Il perché è presto detto, basta pensare ai benefici a lungo termine che ci si potrebbe aspettare da tali bond. La domanda è: i bond europei potrebbero offrire tassi di interesse più bassi rispetto ai tassi medi previsti per le obbligazioni nazionali?

Secondo i sostenitori degli eurobond, i tassi potrebbe creare un mercato più ampio e più liquido rispetto a quello delle obbligazioni nazionali. Probabilmente tale vantaggio è però limitato a un risparmio potenziale di pochi decimi di punto percentuale, che non è altro che la differenza in tassi di interesse tra questi bond e bond sovrani di alta qualità, come ad esempio quelli emessi dalla Germania e dall’Austria.

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