Jeroen Dijsselbloem Aris Messinis/Getty Images

¿Quién será el Alexander Hamilton de Europa?

TILBURG – Hasta hace no mucho, las decisiones del Banco Central Europeo cosechaban elogios. Pero últimamente el BCE recibe críticas no sólo de banqueros y economistas, sino también de la ciudadanía y de los políticos.

La pérdida de rendimiento de las inversiones en renta fija está empujando a los inversores hacia la renta variable, que se ha vuelto más arriesgada y cara, debido a la mayor incertidumbre respecto de la estabilidad financiera y económica. Incertidumbre que refleja el hecho de que las tasas extremadamente bajas del BCE están ayudando a evitar reformas estructurales urgentes en los países de la eurozona con altos niveles de déficit y deuda.

La gran pregunta es si las políticas monetarias actuales del BCE no estarán haciendo más mal que bien. El objetivo oficial del BCE es llegar a una meta de inflación cercana al 2%. Pero a pesar de las inmensas inyecciones de liquidez, la inflación de la eurozona se redujo, lo que indica insuficiencia de demanda en la economía real (lo cierto es que la demanda está estancada porque muchas empresas no podrán hacer inversiones hasta que hayan reducido sus deudas).

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