Fine o inizio dell’Euro?

BRUXELLES – Quando gli architetti dell’euro iniziarono ad approntare i piani per la sua creazione alla fine degli anni Ottanta, gli economisti li avevano messi in guardia sul fatto che un’unione monetaria concretizzabile avrebbe richiesto più di una banca centrale indipendente e di regole per la disciplina di bilancio. Dagli studi condotti sono emerse le asimmetrie all’interno della futura area con una moneta unica, la possibile inadeguatezza di una politica monetaria uniforme, la debolezza dei canali di aggiustamento in assenza di una mobilità transfrontaliera della forza lavoro e la necessità di una sorta di unione fiscale che implichi meccanismi di tipo assicurativo in grado di assistere i Paesi in difficoltà.

Oltre all’economia, numerosi osservatori hanno notato che i cittadini dell’Unione europea avrebbero accettato una rigorosa politica monetaria solo se avessero preso parte a una comunità politica condivisa. L’ex presidente della Bundesbank, Hans Tietmeyer, amava citare un filosofo medievale francese, Nicolas Oresme, secondo il quale il denaro non appartiene al principe ma alla comunità. La domanda era: quale comunità politica avrebbe sostenuto l’euro?

Alcuni di questi ammonimenti erano dettati dai dubbi radicati sull’unificazione monetaria europea. Ma altri intendevano solamente enfatizzare che gli europei avevano bisogno di una nave più robusta e meglio equipaggiata per il viaggio intrapreso. Il messaggio era semplice: i governi nazionali devono adattare le proprie economie alle restrizioni dell’unione monetaria; l’euro deve essere sostenuto da un’integrazione economica più profonda; e una moneta comune necessita di legittimità politica, vale a dire di un governo.

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