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.

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