Paul Lachine

Una solución para la crisis del euro

NUEVA YORK – Una solución integral de la crisis del euro demanda tres componentes principales: reforma y recapitalización del sistema bancario, un sistema para la emisión de eurobonos y un mecanismo de salida.

Veamos lo primero, el sistema bancario. Cuando se firmó el Tratado de la Unión Europea en Maastricht, solamente se pensó en los desequilibrios del sector público, pero los excesos del sector bancario resultaron mucho peores. La introducción del euro dio lugar a la aparición de auges de la construcción en países como España e Irlanda. Los bancos de la eurozona pasaron a contarse entre los más sobreapalancados del planeta (y los más afectados por la debacle de 2008), y siguen necesitando desesperadamente una protección contra el peligro de insolvencia.

El primer paso ya se dio hace poco, cuando el Fondo Europeo de Estabilidad Financiera obtuvo autorización para rescatar no solamente a gobiernos, sino también a bancos. Pero a esta medida deben seguirle otras. Una que se necesita con urgencia es un aumento sustancial del capital propio de los bancos. Y para que una agencia europea pueda garantizar la solvencia de los bancos, estos deben estar bajo su supervisión.

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