La quimera de la unión de mercados de capitales europea

LONDRES – La supervivencia de la eurozona vuelve a estar en duda: Grecia exige una condonación de deuda y el fin de la austeridad… o atenerse a las consecuencias. Y mientras la unión monetaria europea corre riesgo y la unión bancaria está en pañales, la creatividad inagotable de la Comisión Europea ya está embarcándose en una nueva aventura: algo denominado “unión de mercados de capitales”.

Lo de “denominado” es literal, porque aunque todavía no se conocen los detalles del proyecto, es casi seguro que no pretende crear un mercado único europeo de capitales. De hecho, los líderes de la Unión Europea se cuidan muy bien de anunciar algo tan ambicioso, ya que obligaría a una modificación de los tratados de la unión (una caja de Pandora que nadie quiere arriesgarse a abrir). Al fin y al cabo, los votantes europeos no están de humor para transferir más poderes a Bruselas.

La unión de mercados de capitales empezó como un eslogan, idea de uno de los subordinados del presidente de la Comisión Europea, Jean-Claude Juncker. Ahora, le encomendaron al nuevo comisario europeo de servicios financieros, el británico Lord Jonathan Hill, la nada envidiable tarea de ponerlo en práctica. La Comisión convocó a una ronda de consultas (“libro verde”) para tratar el asunto, pero hasta ahora hay más dudas que certezas.

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