La peligrosa política del euro

SANTIAGO – El jurado aún no decide si Grecia logrará evitar el default, permanecer en la eurozona y revertir la brutal contracción de su economía. Pero cualquier jurado justo ya se hubiera pronunciado sobre las consecuencias políticas de la moneda común: un fracaso total.

Por supuesto, la justificación del euro siempre fue de índole política y se dio en dos variedades: la burda y la elevada.

La justificación burda, rara vez discutida en forma directa por gente de buenos modales, era que los países de Europa meridional gastaban demasiado e imponían una carga tributaria muy baja, por lo que se endeudaban en exceso. Mientras pudieran financiar sus déficits emitiendo moneda y devaluándola de vez en cuando, no dejarían de ser imprudentes. Sólo la camisa de fuerza del euro y una política monetaria dirigida desde Frankfurt podrían hacerlos entrar en vereda.

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