Le banche zombie dell'eurozona

BRUXELLES – Cosa c'è che non va nelle banche europee? La prima risposta è che il settore è troppo ampio, dispone di un capitale troppo scarso e include troppi attori privi di un modello di business sostenibile sul lungo periodo. La combinazione di questi ultimi due fattori, cioè una sovrabbondanza di banche prive di un piano per l'acquisizione di vantaggio competitivo, rappresenta il problema più grave e più difficile da risolvere.

Le dimensioni del settore bancario destano preoccupazione perché, con un passivo totale pari a oltre il 250% del Pil dell'eurozona, qualunque problema di una certa entità rischia di gravare eccessivamente sui bilanci pubblici. In sintesi, il settore bancario in Europa potrebbe risultare troppo grande per essere salvato.

La sottocapitalizzazione si può curare con un'iniezione di nuovo capitale. Tuttavia, più è esteso il settore bancario, più c'è il rischio che questo intervento sia difficile. Fra l’altro, ha poco senso immettere nuovi capitali in banche incapaci di generare utili nell'immediato futuro.

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