Europa: federalismo o fallimento?

BRUXELLES – Sul fronte dei mercati obbligazionari europei agosto è stato più tranquillo di quanto temuto. Quindi, mentre si rilassano sulle spiagge e le montagne dell’Europa, i policy maker potrebbero fare un passo indietro dai toni e dalla furia degli ultimi mesi e pensare al futuro. L’eurozona si sta dirigendo, in uno stato di sonnambulismo, verso l’istituzione degli Stati Uniti d’Europa? Sta vagliando opzioni inesplorate? Oppure i suoi stati membri stanno invece prendendo direzioni diverse?

Per rispondere a queste domande la cosa migliore è partire dagli Stati Uniti. Il modello storico dell’unione federale statunitense è costituito da una valuta unica gestita da un dipartimento del tesoro federale; una stretta integrazione tra mercato produttivo, mercato del lavoro e mercato dei capitali; un budget federale in grado di compensare, parzialmente ma in modo automatico, le difficoltà economiche dei singoli paesi; un governo federale che si assuma la responsabilità di gestire una serie di rischi importanti tra cui quelli derivanti dal settore bancario; e infine la gestione da parte degli stati dei beni pubblici regionali senza alcun ruolo nel processo di stabilizzazione macroeconomica.

Questo modello è stato usato come riferimento dagli architetti dell’Unione europea per la creazione di un mercato unico e di una valuta comune. Ma, per molti versi, l’Europa si è poi differenziata in modo significativo dall’esempio americano.

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