ECB headquarters Frankfurt Luo Huanhuan/ZumaPress

Democratizzare l’Eurozona

ATENE – Come Macbeth, i politici tendono a commettere nuovi peccati per coprire i vecchi misfatti. E i sistemi politici dimostrano il loro valore da quanto velocemente riescono a porre fine agli errori politici commessi ripetutamente dai loro funzionari. A giudicare da questo principio, l’Eurozona, che comprende 19 democrazie consolidate, è in ritardo rispetto alla più grande economia non democratica del mondo.

Dopo l'inizio della recessione seguita alla crisi finanziaria globale del 2008, i policymaker cinesi hanno impiegato sette anni per sostituire la domanda in calo per le esportazioni nette del loro Paese con una bolla di investimenti interni, gonfiata da massicce vendite di terreni dei governi locali. E quando è giunto il momento della resa dei conti questa estate, i leader cinesi hanno speso 200 miliardi di dollari di riserve estere, guadagnate duramente, per giocare a re Canuto, cercando così di limitare la tendenza di una disfatta del mercato azionario.

Rispetto all'Unione Europea, tuttavia, lo sforzo del governo cinese per correggere i suoi errori – permettendo infine di ridurre i tassi di interesse e i valori azionari – appare come un esempio di velocità ed efficienza. In effetti, il fallito “consolidamento fiscale e di riforma" greco, e il modo in cui i leader europei si sono aggrappati ad esso, nonostante per cinque anni è stato dimostrato che il programma non può assolutamente avere successo, è sintomatico di un fallimento europeo più ampio di governance che ha profonde radici storiche.

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