ECB Frankfurt Dennis Fischer Photography/Getty Images

Prevenire la prossima crisi dell’eurozona adesso

PARIGI – I leader europei hanno dedicato scarsa attenzione al futuro dell’eurozona da quando, nel luglio 2012, il presidente della Banca centrale europea Mario Draghi si assunse pubblicamente l’impegno  a “fare il possibile” per salvare la moneta comune. Per più di quattro anni, essi hanno sostanzialmente subappaltato la stabilità e l’integrità dell’eurozona ai banchieri centrali. Se però la Bce ha svolto il compito in modo magistrale, questo tacito e conveniente accordo è ormai giunto al capolinea perché nessuna delle banche centrali è in grado di risolvere impasse di tipo politico o costituzionale. I capi di stato e di governo europei, dunque, farebbero bene a ripartire da zero e a considerare le possibili opzioni per il futuro dell’eurozona, anziché lasciare che siano le circostanze a decidere per loro.    

Finora i leader europei si sono dimostrati poco propensi ad affrontare l’argomento. Nel giugno 2015 hanno aderito, ma solo a parole, ai contenuti di un rapporto sul futuro dell’euro redatto dai presidenti delle varie istituzioni europee. Qualche settimana più tardi, a luglio, la questione è tornata brevemente alla ribalta quando un giorno gli stessi si sono ritrovati a discutere fino a tarda sera se buttare fuori la Grecia o meno; anche in quel caso, però, l’intenzione di dare un seguito al dibattito e affrontare i problemi alla radice è durata poco. Ultimamente, infine, l’ipotesi di rispondere allo shock della Brexit con un rafforzamento dell’eurozona è stata rapidamente accantonata per timore che una riforma avrebbe generato troppe divisioni.     

Il problema, però, rimane. Sebbene l’anestetico monetario somministrato dalla Bce abbia placato le tensioni sui mercati, il referendum italiano sulla riforma costituzionale del 4 dicembre prossimo ha fatto riemergere un certo nervosismo. Alla fine di novembre, lo spread tra i titoli italiani e quelli tedeschi a dieci anni ha raggiunto i 200 punti base, un livello che non si vedeva dal 2014. 

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