Cuatro Neins de Alemania

BERLÍN – La postura de Alemania hacia Europa ha adquirido características de rechazo y falta de compromiso. Los responsables de sus políticas les niegan a los países afectados por la crisis de la eurozona una política fiscal más activa; se rehúsan a respaldar una agenda de inversión europea para generar demanda y crecimiento; han declarado un excedente fiscal, en lugar de un crecimiento potencial más rápido, como su principal objetivo doméstico; y han comenzado a enfrentarse al Banco Central Europeo (BCE) en la lucha contra la deflación y una crisis de crédito. Alemania está equivocada en los cuatro puntos.

Sin duda, Alemania tiene razones para rechazar los pedidos estrechos de miras de Francia e Italia de una expansión fiscal incondicional. Después de todo, el estímulo fiscal sólo funciona si respalda la inversión privada y está acompañado de reformas estructurales mucho más ambiciosas -el tipo de reformas que Francia e Italia hoy rechazan.

Sin embargo, Alemania tiene todo el apalancamiento que necesita para implementar las reformas orientadas a la estabilidad que quiere para Europa. Para empezar, Alemania, junto con la Comisión Europea, puede obligar a Francia a implementar reformas más profundas a cambio de más tiempo para consolidar su déficit.

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