Las armas de agosto de Mario Draghi

WASHINGTON, D.C. – Agosto ha sido un mes peligroso en la historia europea, pero este año podría ser el punto de inflexión para la zona del euro… y tal vez para la economía mundial. El 26 de julio, Mario Draghi, Presidente del Banco Central Europeo, declaró que su institución haría “todo lo necesario” para preservar el euro y añadió: “Créanme: será suficiente”.

La rotunda –y, de hecho, sin precedentes– declaración de Draghi fue interpretada de forma generalizada como una señal de que el BCE no tardaría en reactivar su programa de compra de bonos, centrándose en particular en la deuda española. Los mercados de valores de todo el mundo subieron como la espuma. Jens Weidemann, del Bundesbank, expresó reservas inmediatamente, pero el día siguiente la Canciller de Alemania, Angela Merkel, y el Presidente de Francia, François Hollande, hicieron pública una declaración conjunta en la que expresaron su determinación de “hacer todo lo necesario para proteger la zona del euro”.

Yo sostuve recientemente que el BCE, en colaboración con el incipiente MecanismoEuropeo de Estabilidad (MEDE), era la única institución que podía salvar la zona del euro. Podría hacerlo comprando bonos italianos y españoles en el mercado secundario con la intención previamente anunciada de mantener sus tipos de interés soberanos por debajo de cierto umbral durante cierto tiempo.

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