Il nuovo rischio morale dell'Europa

MONACO DI BAVIERA – La crisi dell'euro è stata finora scandita da sei fasi che vale la pena ricapitolare poiché mostrano il passo incerto dei policymaker nel tentativo di spegnere gli incendi lungo la strada, perdendo però di vista la direzione. Al momento regna la calma sui mercati, ma questo non è che il preludio alla settima fase della crisi, durante la quale l'Europa si ritroverà impantanata nel debito. Questo è ciò che è accaduto fino a oggi:

   Nel 2007 scoppia la bolla del credito inflazionistica causata dall'introduzione dell'euro.

   I paesi meridionali dell'eurozona dipendono dalla stampa di cartamoneta per rimpiazzare il finanziamento privato internazionale, opzione resa possibile da un notevole abbassamento degli standard di garanzia in relazione al credito di rifinanziamento fornito alle banche dalle banche centrali nazionali dell'eurozona.

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