European central bank Thomas Lohnes | Stringer via getty images

Las burbujas emergentes de Europa

MUNICH – Los más recientes cambios de políticas del Banco Central Europeo han conmocionado a muchos observadores. Si bien la meta – evitar la deflación y estimular el crecimiento – es clara, las medidas propiamente dichas están configurando el escenario para una grave inestabilidad.

Las medidas en cuestión incluyen establecer la tasa de interés para las operaciones principales de financiación del BCE en cero; elevar las compras mensuales de activos en 20 mil millones de € ($22,3 mil millones dólares) para que alcancen a los 80 mil millones de €; y empujar la tasa de interés que se paga por el dinero que los bancos depositan en el BCE aún más hacia adentro del territorio negativo – a  -0,40%. Además, el BCE puso en marcha una nueva serie de cuatro operaciones de financiación a más largo plazo dirigidas, mismas que también ofrecen tasas de interés negativas. Los bancos reciben hasta un 0,4% de interés sobre los créditos del BCE que ellos sacan para sí mismos, siempre y cuando dichos bancos los presten, a su vez, a  empresas privadas.

Estas medidas son, en esencia, las más recientes dentro de una serie de intentos por parte del BCE para hacer frente a las consecuencias del colapso de la burbuja masiva que se formó en el sur de Europa durante los primeros años del euro. Todo comenzó con el anuncio de la introducción del euro durante la Cumbre de la UE del año 1995 en Madrid, lo que provocó el tambaleo de las tasas de interés.

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