No toquen al "súper euro"

Hace tres años nació la divisa única europea, el euro, a un tipo de cambio de 1 por 1.17 dólares, que supuestamente reflejaba de manera apropiada los niveles de precios en ambos lados del Atlántico en ese momento. Desde entonces, el tipo de cambio del Euro ha sufrido fluctuaciones pronunciadas. Actualmente ha regresado casi exactamente a su nivel original. Entonces, ¿por qué se queja la comunidad empresarial europea de que el "súper euro" les está trayendo calamidades?

La respuesta es que culpar al euro es una forma fácil de desviar la atención de la causa verdadera de los problemas económicos de Europa: un nivel sorprendentemente bajo de productividad per cápita. La baja productividad en el continente refleja un sencillo hecho estadístico que socava fatalmente la productividad relativamente alta por hora trabajada: una débil participación en la fuerza laboral activa significa que los europeos trabajan un número muy escaso de horas.

Es importante aclarar algunos puntos fundamentales en cuanto al tipo de cambio euro-dólar. porque es un asunto en el que la confusión (con frecuencia generada estratégicamente) domina los debates públicos.

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