Alemanha contra o euro

BERLIM – Normalmente, as pessoas ou instituições são levadas a tribunal quando as coisas correm mal, seguindo-se uma luta sobre quem é o responsável pelo dano. É por isso que a audição do Tribunal Constitucional alemão nos dias 11 e 12 de Junho para a legalidade do programa denominado “Transacções Monetárias Definitivas” (TMD) do Banco Central Europeu foi peculiar. Trata-se aqui de uma luta sobre a única medida de política monetária de maior sucesso das últimas décadas - não apenas na Europa, mas em qualquer lugar.

O anúncio do programa TMD, em Julho de 2012, reduziu as taxas de juros para empresas e governos e devolveu o tão necessário capital privado aos países atingidos pela crise, ajudando a suavizar o golpe da recessão profunda que atingiu a periferia da Europa. Também trouxe de volta o mais escasso dos bens: a confiança na viabilidade da economia da zona euro e a sua moeda, o euro.

O melhor de tudo é que nenhuma destas realizações custou um único euro. Só foi necessário uma mera declaração do presidente do BCE, Mario Draghi, e do seu Conselho de Administração, de que faria “tudo o que fosse preciso” para comprar a dívida soberana dos membros da zona euro, com a condição de cumprirem umas condições orçamentais rigorosas. Nenhum país avançou até agora.

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