Le Armi di Agosto di Mario Draghi

WASHINGTON, DC – Agosto è stato un mese pericoloso nella storia dell’Europa, ma quest’anno potrebbe essere il punto di svolta per la zona euro – e forse per l’economia mondiale. Il 26 luglio, Mario Draghi, Presidente della Banca Centrale Europea, ha dichiarato che questa istituzione avrebbe fatto “tutto il necessario” per salvare l’euro, ed ha aggiunto: “Credetemi, sarà sufficiente”.

La forte dichiarazione di Draghi –certo, senza precedenti- è stata dai più interpretata come un segnale che la BCE avrebbe presto rilanciato il suo programma di acquisto di obbligazioni, concentrandosi in particolare sul debito spagnolo. I mercati azionari di tutto il mondo sono saliti alle stelle. Jens Weidemann della Bundesbank ha immediatamente espresso delle riserve, ma il giorno successivo il Cancelliere tedesco Angela Merkel ed il Presidente francese François Hollande hanno rilasciato una dichiarazione comune esprimendo la loro determinazione nel voler “fare di tutto per proteggere la zona euro”.

Recentemente ho sostenuto che la BCE, lavorando insieme alla nascente Istituzione per la Stabilità Europea (European Stability Mechanism - ESM), fosse il solo organismo istituzionale in grado di salvare l’Eurozona. Potrebbe farlo acquisendo titoli italiani e spagnoli sul mercato secondario con l’intenzione preannunciata di tenere i tassi di interesse dei titoli sovrani al di sotto di una certa soglia per un dato periodo.

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