Los bancos zombis de Europa

BRUSELAS – ¿Cuál es el problema de los bancos europeos? La respuesta más corta es que el sector es demasiado grande, su capital es insuficiente y son demasiados los participantes que carecen de un modelo de negocios viable en el largo plazo. Esa combinación de los últimos dos factores –una sobreabundancia de bancos sin forma sostenible de generar beneficios– constituye el problema más grave y difícil.

El tamaño del sector bancario es causa de preocupación porque, como los pasivos totales representan más del 250 % del PBI de la zona del euro, cualquier problema importante podría sobrecargar los presupuestos públicos. En resumidas cuentas, es posible que el sector bancario europeo sea demasiado grande para poder salvarlo.

La capitalización insuficiente puede solucionarse con una infusión de nuevo capital accionario. Pero cuanto mayor es el sector bancario, más difícil resulta esto. Lo que es aún más importante: no tiene sentido inyectar nuevo capital a bancos incapaces de generar beneficios en el futuro inmediato.

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