Alemania contra el euro

BERLÍN – Por lo general, se demanda a personas o instituciones ante la Justicia cuando las cosas salen mal y de ello se sigue una pelea sobre quién es el responsable de los daños. Así, pues, la vista del Tribunal Constitucional alemán celebrada los días 11 y 12 de junio para examinar la legalidad del programa de las llamadas operaciones monetarias de contraventa del Banco Central Europeo fue peculiar. Aquí tenemos una pelea en relación con la medida de política monetaria más lograda de los últimos decenios… no sólo en Europa, sino en cualquier sitio.

El anuncio en julio de 2012 del plan de operaciones monetarias de compraventa redujo los tipos de interés tanto para las empresas como para los gobiernos y devolvió capital privado muy necesario a países afectados por la crisis, con lo que ayudó a mitigar el golpe de la profunda recesión que padece la periferia de Europa. También le devolvió el más escaso de los activos: la confianza en la viabilidad de la economía de la zona del euro y su moneda, el euro.

Lo mejor de todo fue que ninguno de esos logros ha costado un solo euro. Lo único que hizo falta fue una simple declaración del Presidente del BCE, Mario Draghi, y su Junta de Gobernadores, en el sentido de que haría “todo lo que [fuera] necesario” para comprar la deuda soberana de los miembros de la zona del euro, con la condición de que cumpliesen unas condiciones fiscales rigurosas. Ningún país ha pedido ayuda hasta ahora.

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