ECB headquarters Frankfurt Luo Huanhuan/ZumaPress

Democratizar la eurozona

ATENAS – Como Macbeth, los políticos tienden a cometer pecados nuevos para tapar las faltas viejas. El valor de un sistema político se ve en la rapidez con que pone freno a las autoridades cuando comienzan a cometer errores en serie que se refuerzan mutuamente. Según este criterio, la eurozona (formada por 19 democracias establecidas) no lo está haciendo tan bien como la mayor economía no democrática del mundo.

Tras el inicio de la recesión que siguió a la crisis financiera global de 2008, las autoridades chinas dedicaron siete años a reemplazar la menguante demanda de sus exportaciones netas por una burbuja inmobiliaria de su propia factura, inflada por un intenso programa de venta de terrenos de los gobiernos locales. Cuando este año llegó el momento de saldar cuentas, la dirigencia china gastó 200 000 millones de dólares de reservas arduamente ganadas para tratar de contener el desbande del mercado bursátil.

Pero en comparación con la Unión Europea, el intento del gobierno chino de corregir sus errores (permitiendo finalmente una adecuación de los tipos de interés y las cotizaciones bursátiles) parece un ejemplo de velocidad y eficiencia. Por el contrario, el fallido programa griego de “reforma y consolidación fiscal” y la obstinación con que la dirigencia europea se aferró a él, a pesar de cinco años de fracasos evidentes, son sintomáticos de un problema de gobernanza europea más amplio y con profundas raíces históricas.

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