Los disparates fiscales de Alemania

PRINCETON- En todo el mundo, el déficit del sector público se está disparando. Los gobiernos enfrentan costos masivos ya que están rescatando a los bancos y negocios golpeados por la crisis financiera y económica. Hay un consenso universal sobre la necesidad de un estímulo keynesiano. Al mismo tiempo, los responsables de diseñar las políticas están nerviosos y buscan cada vez más y más una "estrategia de salida". Saben que no pueden mantener el déficit para siempre, pero no quieren ser los primeros en decir cuándo hay que dirigirse a la difícil salida de emergencia.

Alemania es diferente, no porque en estos momentos no esté gastando, sino por su forma de ver el futuro. El gobierno alemán ha adoptado una línea particularmente agresiva para lidiar con el déficit, y para tratar de formular una estrategia de salida sólida. La Canciller Angela Merkel ha criticado a la Reserva Federal estadounidense y al Banco de Inglaterra por aplicar una “facilitación cuantitativa”, que en la práctica ha permitido que el banco central monetice muchos tipos de deuda gubernamental y no gubernamental. El gobierno alemán también ha aprobado una ley constitucional que exige fijar un límite al déficit del gobierno de 0.35% del PIB para 2016, y eliminarlo para 2020.

Las fuertes críticas a los bancos centrales excesivamente flexibles, así como a los esfuerzos por limitar la deuda del gobierno, son enormemente populares en Alemania. Sin embargo, economistas de todos lados (incluidos los de Alemania) han declarado que son disparates.

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