A vitória de Pirro de Angela Merkel

BUDAPESTE – Para a Alemanha o drama da crise do euro terminou. O assunto mal foi discutido na recente campanha eleitoral do país. A chanceler Angela Merkel fez o que era necessário para garantir a sobrevivência do euro; e ela fez isso com o menor custo possível para a Alemanha - um feito que lhe valeu o apoio dos alemães pró-europeus, bem como aqueles que confiaram nela para proteger os interesses dos alemães. De forma nada surpreendente, ela conquistou a reeleição inquestionavelmente.

Mas foi uma vitória de Pirro. O status quo da zona euro não é tolerável nem estável. Os economistas convencionais chamar-lhe-iam de equilíbrio inferior; eu chamo-o de pesadelo - que está a infligir uma dor e um sofrimento enormes, que poderiam ser facilmente evitados se os equívocos e os tabus que o sustentam fossem dissipados. O problema é que os países devedores sentem toda a dor, ao passo que os credores impõem os equívocos e os tabus.

Um exemplo são as eurobonds, que Merkel anunciou como sendo tabu. No entanto, elas são a solução óbvia para a origem da crise do euro, ou seja a adesão ao euro expôs as obrigações governamentais dos países-membros ao risco de incumprimento.

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