Paul Lachine

Come risolvere la crisi dell’euro

NEW YORK – La soluzione per la crisi dell’euro deve contemplare tre componenti principali: riforma e ricapitalizzazione del sistema bancario, un sistema di eurobond e un meccanismo di uscita.

Il primo componente è il sistema bancario. Il Trattato di Maastricht relativo all’Unione europea è stato ideato per affrontare solamente gli squilibri nel settore pubblico; ma, come abbiamo visto, gli eccessi del settore bancario si sono rivelati di gran lunga superiori. L’introduzione dell’euro ha scatenato un boom del settore immobiliare in paesi come Spagna e Irlanda. Le banche dell’Eurozona si sono indebitate fino al collo e sono state le più colpite dal collasso del 2008. Ora devono essere urgentemente protette dalla minaccia di insolvenza.

Il primo passo è stato quello di rivolgersi al Fondo europeo per la stabilizzazione finanziaria (European Financial Stability Facility), che è stato chiamato in causa per salvare banche e governi. Ora servono altri interventi. Bisogna aumentare in modo sostanzioso il capitale azionario delle banche. E se a garantire la solvibilità delle banche deve essere un’agenzia europea, questa deve altresì sorvegliare i medesimi istituti.

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