De cómo domar a los bancos de Europa

PARIS – El mes pasado, la Comisión Europea reveló su tan esperado proyecto de reforma bancaria, destinado a controlar la toma de riesgo de los principales bancos de la Unión Europea. Pero la propuesta se ha topado con una resistencia importante: hay quienes advierten que erosionaría la competitividad de los bancos europeos y otros que sostienen que es inadecuada para mitigar los riesgos bancarios de manera efectiva. La manera en que se desarrolle este debate tendrá implicancias profundas para el futuro de la UE.

De acuerdo con Michel Barnier, el comisionado de la UE que encabeza el esfuerzo de reforma, las medidas propuestas -incluyendo la autoridad regulatoria para escindir las actividades de trading más riesgosas de los bancos de sus unidades de toma de depósitos, y una prohibición de las operaciones bursátiles por cuenta propia de parte de los bancos más importantes- mejorarían la estabilidad financiera y protegerían a los contribuyentes. Pero el borrador de regulación dista mucho de cumplir con las recomendaciones formuladas por un grupo de expertos de alto nivel en 2012, que incluían un muro impermeable entre los negocios de operaciones especulativas de los bancos y sus actividades de banca minorista y comercial.

De todos modos, muchos sostienen que la propuesta de Barnier va demasiado lejos. Quizá la reacción más fuerte provino del gobernador del Banco de Francia, Christian Noyer, quien calificó las propuestas de "irresponsables y contrarias a los intereses de la economía europea".

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