Sostener la insostenible zona del euro

ATENAS – Cuando se estableció la zona del euro, sus creadores previeron un progreso gradual hacia «un área monetaria óptima», caracterizada por la integración fiscal, la libre circulación de los trabajadores y la unión política. Pero este proceso no ha tenido lugar y –como lo demuestra la interminable crisis griega– la zona del euro continúa plagada de debilidades estructurales y es extremadamente vulnerable a los shocks internos. Esto claramente no es sostenible.

A pesar de los esfuerzos por promover la coordinación de las políticas fiscales, los presupuestos de los miembros de la eurozona aún se encuentran en el ámbito de autoridades nacionales separadas y los europeos del norte continúan oponiéndose a las transferencias desde los países más prósperos hacia aquellos en peor situación, más allá de la limitada asignación de los fondos regionales de la Unión Europea. Además, la movilidad de los trabajadores se ve gravemente limitada por las barreras lingüísticas y culturales, además de por los cuellos de botella administrativos. Una unión política «cada vez más estrecha» dejó de atraer el apoyo del público –si es que alguna vez lo hizo– y no resulta entonces viable hoy día.

Una creciente cantidad de comentaristas –no solo en el mundo anglosajón–cuestionan la viabilidad de la unión monetaria. Algunos alientan la salida de Grecia de la zona del euro, convencidos de que una unión monetaria más restringida y homogénea sería más sólida y fácil de unir. Otros consideran que una salida de Grecia sería tan solo el principio del inevitable desmoronamiento de un esquema que no sirve al propósito para cual fue creado.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.


Log in;
  1. Television sets showing a news report on Xi Jinping's speech Anthony Wallace/Getty Images

    Empowering China’s New Miracle Workers

    China’s success in the next five years will depend largely on how well the government manages the tensions underlying its complex agenda. In particular, China’s leaders will need to balance a muscular Communist Party, setting standards and protecting the public interest, with an empowered market, driving the economy into the future.

  2. United States Supreme Court Hisham Ibrahim/Getty Images

    The Sovereignty that Really Matters

    The preference of some countries to isolate themselves within their borders is anachronistic and self-defeating, but it would be a serious mistake for others, fearing contagion, to respond by imposing strict isolation. Even in states that have succumbed to reductionist discourses, much of the population has not.

  3.  The price of Euro and US dollars Daniel Leal Olivas/Getty Images

    Resurrecting Creditor Adjustment

    When the Bretton Woods Agreement was hashed out in 1944, it was agreed that countries with current-account deficits should be able to limit temporarily purchases of goods from countries running surpluses. In the ensuing 73 years, the so-called "scarce-currency clause" has been largely forgotten; but it may be time to bring it back.

  4. Leaders of the Russian Revolution in Red Square Keystone France/Getty Images

    Trump’s Republican Collaborators

    Republican leaders have a choice: they can either continue to collaborate with President Donald Trump, thereby courting disaster, or they can renounce him, finally putting their country’s democracy ahead of loyalty to their party tribe. They are hardly the first politicians to face such a decision.

  5. Angela Merkel, Theresa May and Emmanuel Macron John Thys/Getty Images

    How Money Could Unblock the Brexit Talks

    With talks on the UK's withdrawal from the EU stalled, negotiators should shift to the temporary “transition” Prime Minister Theresa May officially requested last month. Above all, the negotiators should focus immediately on the British budget contributions that will be required to make an orderly transition possible.

  6. Ksenia Sobchak Mladlen Antonov/Getty Images

    Is Vladimir Putin Losing His Grip?

    In recent decades, as President Vladimir Putin has entrenched his authority, Russia has seemed to be moving backward socially and economically. But while the Kremlin knows that it must reverse this trajectory, genuine reform would be incompatible with the kleptocratic character of Putin’s regime.

  7. Right-wing parties hold conference Thomas Lohnes/Getty Images

    Rage Against the Elites

    • With the advantage of hindsight, four recent books bring to bear diverse perspectives on the West’s current populist moment. 
    • Taken together, they help us to understand what that moment is and how it arrived, while reminding us that history is contingent, not inevitable

    Global Bookmark

    Distinguished thinkers review the world’s most important new books on politics, economics, and international affairs.

  8. Treasury Secretary Steven Mnuchin Bill Clark/Getty Images

    Don’t Bank on Bankruptcy for Banks

    As a part of their efforts to roll back the 2010 Dodd-Frank Act, congressional Republicans have approved a measure that would have courts, rather than regulators, oversee megabank bankruptcies. It is now up to the Trump administration to decide if it wants to set the stage for a repeat of the Lehman Brothers collapse in 2008.