Un plan europeo para Francia y Alemania

PARÍS – Europa está cayendo en una trampa de estancamiento. Con un crecimiento apenas visible y una inflación peligrosamente baja que hace que suban las tasas de interés reales, el peso de la deuda pública y privada ha crecido enormemente, y muchos temen que estemos frente a otra década perdida. Y, si bien la amenaza de una fragmentación de la eurozona amainó, no desapareció. En vista de todo esto, Europa está perdiendo relevancia tanto internamente como a nivel externo.

Francia y Alemania -que en gran medida impulsaron la integración europea durante más de seis décadas- no deben resignarse a esta situación. Necesitan con urgencia un plan común, no una recriminación mutua de los partidarios de la economía de oferta alemanes y los partidarios de la economía de demanda franceses.

Nos parece que estas controversias no tienen ningún sentido. Un crecimiento deslucido de la productividad revela, prima facie, una deficiencia de la oferta. La combinación de alto desempleo y caída de la inflación demuestra, prima facie, una escasez de demanda. Los diferenciales de tasas de interés dentro de la misma zona monetaria son una prueba, prima facie, de fragmentación. La verdad es que Europa padece múltiples enfermedades.

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