La vittoria di Pirro di Angela Merkel

BUDAPEST – Per la Germania il dramma della crisi dell’euro è finito. L’argomento non è stato infatti quasi per niente toccato nel corso della recente campagna elettorale. D’altro lato, il Cancelliere Angela Merkel ha fatto tutto il necessario per garantire la sopravvivenza dell’euro ad un costo minimo per la Germania, una mossa che le ha fatto guadagnare il sostegno sia dei tedeschi europeisti che dei tedeschi che confidano in lei per la protezione degli interessi nazionali. E non sorprende infatti che sia stata rieletta con una vittoria schiacciante.

Si tratta però di una vittoria di Pirro. Lo status quo dell’eurozona non è infatti né discreto e neppure stabile. I principali economisti lo definirebbero come un equilibrio inferiore, mentre io lo definisco come un incubo che sta provocando enormi difficoltà e sofferenza che potrebbero facilmente essere evitate se le credenze erronee e i tabù che le sostengono venissero dissipate. Il problema reale è che i paesi debitori si trovano in estrema difficoltà, mentre i creditori impongono le loro concenzioni erronee ed i loro tabù.

Un esempio è dato dagli Eurobond che la Merkel ha sempre considerato come un tabù. Ciò nonostante, rappresentano una soluzione ovvia alla causa profonda della crisi dell’euro, ovvero l’esposizione al rischio del default dei bond statali da parte dei paesi membri che hanno aderito all’euro.  

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