El pensamiento económico grupal de Europa

FRÁNCFORT – Durante la reciente vista sobre la constitucionalidad de las medidas  adoptadas por el Banco Central Europeo para impedir que la zona del euro se desmorone, Andreas Vosskuhle, Presidente del Tribunal Constitucional de Alemania, formuló una pregunta importante: ¿condenan los economistas no alemanes las operaciones monetarias de compraventa tan inequívocamente como todos los expertos alemanes que testificaron, menos uno?

Naturalmente, hay economistas alemanes (por no citar el gobierno de la Canciller Angela Merkel) que apoyan las políticas del Presidente del BCE, Mario Draghi. Aun así, una mayoría abrumadora de economistas alemanes (y posiblemente holandeses y fineses) parecen ser partidarios de mantener el BCE entre bastidores en la crisis de la zona del euro. Es un asunto fiscal –dice el economista alemán típico– y la política monetaria no ayudará; al contrario, su activación sólo empeora la situación.

Naturalmente, todo el mundo preferiría que la divisoria entre política monetaria y política fiscal no hubiera quedado desdibujada a consecuencia de la crisis, pero atenerse ciegamente a los principios habría sido una opción muy peligrosa para el BCE. Habría equivalido a aceptar en 2012 lo que se ha denominado “riesgo de redenominación”, expresión de la neolengua que significa “ruptura de la zona del euro”.

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