La victoria pírrica de Angela Merkel

BUDAPEST – En lo que concierne a Alemania, el drama de la crisis del euro es asunto terminado. Apenas fue tema de discusión durante la reciente campaña electoral. La canciller Angela Merkel hizo lo que había que hacer para asegurar la supervivencia del euro, y lo hizo al menor costo posible para Alemania, hazaña que le valió el apoyo de los alemanes proeuropeístas y de aquellos que confían en que ella proteja los intereses alemanes. Como era previsible, obtuvo una victoria resonante para la reelección.

Pero ha sido una victoria pírrica. La situación actual de la eurozona no es ni tolerable ni estable. Es lo que los economistas ortodoxos llamarían un equilibrio inferior. Por mi parte, prefiero llamarlo una pesadilla. Una pesadilla que está provocando una tremenda cuota de sufrimiento y que se podría evitar fácilmente con solo exponer los errores conceptuales y los tabúes en los que se sostiene. Pero el problema es que el sufrimiento es para los países deudores, mientras que los errores conceptuales y los tabúes son de los acreedores.

Por ejemplo, tomemos el caso de los eurobonos. Es un concepto que para Merkel es tabú, pero sin embargo, sería la solución obvia para la causa raíz de la crisis del euro: el hecho de que la adopción de una moneda común expuso a los países miembros al riesgo de impago sobre sus deudas.

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