Demise of austerity Dan Kitwood/Getty Images

La austeridad hizo mutis por el foro

LONDRES – Hace ya varios años que no se oye una discusión política seria de los méritos de la austeridad fiscal. Se han acallado los debates sobre las ventajas potenciales del uso de medidas de estímulo para impulsar el crecimiento económico a corto plazo, o sobre la amenaza de que la deuda pública alcance niveles que inhiban el crecimiento a mediano plazo.

Es evidente qué lado ganó y por qué. La austeridad ya es cosa del pasado. Y es probable que para seguir repeliendo a advenedizos populistas, los políticos convencionales adopten una mayor flexibilidad fiscal (o al menos eviten medidas restrictivas) con el objetivo de asegurarse mejoras económicas a corto plazo; e igualmente improbable que oigan advertencias sobre las consecuencias a mediano plazo de un mayor endeudamiento, ahora que se habla tanto de que los tipos de interés seguirán siendo bajos.

Un modo de confirmar la aparición de un nuevo consenso internacional en política fiscal es hacer un repaso de las declaraciones conjuntas oficiales. La última vez que el G7 habló en un comunicado sobre la importancia de la consolidación fiscal fue en la cumbre de Lough Erne celebrada en 2013, cuando todavía era el G8.

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