Riqueza privada y solidaridad europea

COLONIA – Un factor poco discutido pero crucial en el debate sobre las transferencias de riqueza del norte económicamente más sólido de Europa a su problemático sur es la relación entre deuda pública, PBI y riqueza privada (activos financieros y no financieros de los hogares menos sus pasivos financieros) -en particular, la relación entre riqueza privada y PBI en los países de la eurozona.

Mientras que el plan de compra de bonos del Banco Central Europeo ha tranquilizado en cierta medida a los mercados financieros, algunas economías europeas -entre ellas Italia, España, Grecia y Portugal- siguen estando en riesgo, porque no están creciendo lo suficientemente rápido como para achicar sus déficits y frenar el crecimiento de sus deudas nacionales. La triste ironía aquí es que la relación entre riqueza privada y PBI en algunos de los países que necesitan el respaldo del BCE y de los miembros del norte de la eurozona es igual o mayor que en países más solventes.

Consideremos el caso de Italia, que tiene la relación entre riqueza privada y deuda pública más alta que cualquier país del G-7, y es alrededor del 30%-40% superior que en Alemania. De la misma manera, Italia y Francia comparten un ratio riqueza privada/PBI de cinco a uno, mientras que el de España -al menos antes de que la crisis golpeara al país de lleno- era seis a uno. Por el contrario, el ratio en Alemania, el principal acreedor de Europa, es sólo 3,5 a 1.

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