german euro coin Mouser Williams/Flickr

¿Se puede reparar el euro?

PARÍS – Cuando Wolfgang Schäuble, ministro de Hacienda de Alemania, planteó recientemente la opción de una salida de Grecia del euro, quería señalar que ningún miembro podía abstenerse de las disciplinas estrictas de la unión monetaria. En realidad, su iniciativa desencadenó un debate mucho más amplio sobre los principios que sustentan el euro, su gestión idónea y la propia lógica de su existencia.

Tan sólo dos semanas antes de la propuesta de Schäuble, los dirigentes de Europa apenas habían prestado atención a un informe sobre el futuro del euro preparado por el Presidente de la Comisión Europea, Jean-Claude Juncker, y sus colegas de las demás instituciones de la Unión Europea, pero la nueva disputa sobre el caso de Grecia ha convencido a muchos encargados de la formulación de políticas de la necesidad de volver a empezar. Entretanto, los ciudadanos se preguntan por qué comparten esa divisa, si tiene sentido y si se puede lograr un acuerdo sobre su futuro.

Para las monedas, como para los países, los mitos fundacionales tienen importancia. La teoría establecida es la de que el euro fue el precio político que Alemania pagó por la aquiescencia francesa a su reunificación. En realidad, la reunificación sólo brindó el impulso final para un proyecto concebido en el decenio de 1980 con miras a resolver un dilema de antiguo. Los gobiernos europeos eran extraordinariamente reacios a los tipos de cambio flotantes, que, según suponían, serían incompatibles con un mercado único y no estaban dispuestos a perpetuar un régimen monetario dominado por el Bundesbank. Una moneda de verdad europea creada conforme a principios alemanes parecía la forma mejor de avanzar.

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