El programa de vigilancia del vecindario de Alemania

FRANKFURT – En mi reciente viaje a Alemania me llamó la atención que hay dos narrativas distintas. En una se presenta una economía alemana sólida con un bajo nivel de desempleo, finanzas fuertes y una buena ubicación competitiva para explotar los segmentos más dinámicos de la demanda global. En la otra, se describe una economía colmada de interminables crisis de deuda europea cuyos autores tratan de desviar la responsabilidad, así como sus necesidades financieras, hacia las inmaculadas hojas de balance alemanas.

Las dos narrativas son comprensibles pero no pueden coexistir por siempre. Después de todo, es difícil que haya una casa valiosa en un vecindario deteriorado. O mejora el vecindario o disminuye el valor de la casa. Y es de gran importancia cuál de las narrativas prevalecerá –para Alemania para Europa y para la economía global.

Alemania ahora está cosechando los beneficios de administrar responsablemente la economía nacional durante muchos años. Además de mantener unas finanzas públicas sanas, los dirigentes alemanes pusieron en aplicación reformas estructurales difíciles destinadas a mejorar la competitividad internacional, incluidas las dolorosas reformas del mercado laboral. Como resultado, Alemania es una de las pocas economías avanzadas que actualmente ha creado muchos empleos y mantenido una estabilidad financiera. En otras palabras, es la triple A de los triples A.

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