The Colosseum Rome Storm Crypt/Flickr

Hay señales de vida en la eurozona

NUEVA YORK – Los últimos datos económicos de la eurozona sugieren que la recuperación pudiese estar cerca. ¿Qué está impulsando la recuperación? ¿A qué obstáculos se enfrenta? Y, ¿qué se puede hacer para sostenerla?

Las causas inmediatas de la recuperación no son difíciles de discernir. El año pasado, la eurozona estuvo al borde de una recesión de doble caída. Cuando la eurozona recientemente cayó en una deflación técnica, el Banco Central Europeo, finalmente, apretó el gatillo para impulsar una flexibilización agresiva y puso en marcha una combinación de flexibilización cuantitativa (incluyendo compras de bonos soberanos) y tasas de interés negativas.

El impacto financiero no se hizo esperar: de manera anticipada a la flexibilización monetaria, y después de su inicio, el euro cayó fuertemente, los rendimientos de los bonos en el núcleo y la periferia de la eurozona cayeron a niveles muy bajos, y los mercados de valores comenzaron a recuperarse de manera robusta. Esto, junto a la fuerte caída de los precios del petróleo, impulsó el crecimiento económico.

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