L'Europa secondo Draghi

PARIGI – I banchieri centrali sono spesso fieri di essere noiosi. Non Mario Draghi, però. Due anni fa, nel luglio 2012, il presidente della Banca centrale europea colse tutti di sorpresa annunciando che avrebbe fatto "tutto il possibile" per salvare l'euro. L'effetto delle sue parole fu incredibile. Questo agosto, Draghi ha usato l'incontro annuale dei principali banchieri centrali a Jackson Hole, nel Wyoming, per lanciare una bomba simile.

Questa volta, il discorso di Draghi è stato più analitico ma non per questo meno audace. In primo luogo, ha preso posizione nel dibattito attuale su come rispondere alla stagnazione dell'eurozona. Draghi ha sottolineato che, oltre alle riforme strutturali, è necessario sostenere la domanda aggregata, e che il rischio di fare troppo poco in tal senso supera nettamente il rischio di fare troppo.

In secondo luogo, Draghi ha confermato che la Bce è pronta a fare la sua parte per aumentare la domanda aggregata, e ha menzionato gli acquisti di asset, o quantitative easing, quale strumento imprescindibile in un contesto dove le aspettative di inflazione sono scese al di sotto dell'obiettivo ufficiale del 2%.

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