Transgresiones monetarias directas

MÚNICH – El Tribunal Constitucional de Alemania ha emitido su tan esperada decisión sobre el programa de «transacciones monetarias directas» del Banco Central Europeo. Desde su implementación en 2012, el programa de TMD ha permitido al BCE comprar, en caso necesario, cantidades ilimitadas de bonos gubernamentales de los países de la zona del euro en problemas, siempre que los países afectados suscriban las reglas del fondo de rescate europeo, el Mecanismo Europeo de Estabilidad.

Miles de alemanes apelaron ante el Tribunal Constitucional contra el programa TMD, arguyendo que viola el Artículo 123 del Tratado de Funcionamiento de la Unión Europea que prohíbe el financiamiento monetario a gobiernos de la zona del euro, e impone riesgos sustanciales para los contribuyentes alemanes. El Tribunal ha declarado que respalda en su totalidad los argumentos de los demandantes y que el programa TMD efectivamente viola el derecho originario de la UE.

Pero, en vez de emitir una sentencia formal que limitaría al Bundesbank y al parlamento alemán – como pudo haberlo hecho– el Tribunal derivó el caso al Tribunal de Justicia de la Unión Europea (TJUE) para que se expida en forma definitiva. A primera vista esto puede parecer promisorio para los mercados, que muy probablemente esperan que el TJUE apruebe el programa TMD. Pero las cosas no son tan sencillas.

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