Europa según la visión de Draghi

PARÍS – Los banqueros centrales suelen sentirse orgullosos de ser aburridos. Este no es el caso de Mario Draghi. Hace dos años, en julio de 2012, Draghi, el presidente del Banco Central Europeo, tomó a todos por sorpresa con su anuncio de que iba a hacer  “lo que fuese necesario”  para salvar el euro. El efecto fue dramático. Este pasado mes de agosto, utilizó la reunión anual de banqueros centrales en Jackson Hole, Wyoming, para dejar caer otra bomba.

El discurso de Draghi, esta vez, fue más analítico, pero no menos audaz. En primer lugar, tomó un bando en el debate en curso acerca de cuál es la respuesta política adecuada ante el actual estancamiento de la eurozona. Hizo hincapié en que, junto con las reformas estructurales, se necesita apoyo para la demanda agregada, y que el riesgo de hacer muy poco en este sentido claramente supera el riesgo de hacer demasiado.

En segundo lugar, confirmó que el BCE estaba dispuesto a hacer su parte para impulsar la demanda agregada, y mencionó la compra de activos, también llamada flexibilización cuantitativa, como una herramienta necesaria en un contexto en el que las expectativas de inflación han disminuido por debajo del objetivo oficial del 2%.

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