La estrategia de Draghi a juicio

CAMBRIDGE – En el verano de 2012, el presidente del Banco Central Europeo, Mario Draghi, prometió hacer "lo que sea necesario" para salvar al euro, incluida la compra de cantidades "ilimitadas" de bonos de gobiernos en problemas. La medida, que se ha dado en conocer como la "Draghi put", casi de inmediato redujo los costos de endeudamiento de España e Italia y, en general, se considera que alejó a la eurozona del borde del desastre -sin llegar a utilizar las llamadas "transacciones monetarias directas".

Eso puede sonar como un éxito resonante: el mero anuncio del programa de TMD bastó para poner fin a la crisis existencial de la unión monetaria. Pero, según el Tribunal Constitucional de Alemania, la política viola los tratados de la Unión Europea -un dictamen que el Tribunal de Justicia de la Unión Europea hoy está revisando-. La decisión del TJUE tendrá implicancias importantes para el futuro de la eurozona, ya que definirá qué autoridad tiene el BCE, si es que la tiene, para intervenir en una crisis de deuda.

Y, sin embargo, el debate actual sobre las TMD es claramente errado. En lugar de preguntar si el mandato del BCE le permite intervenir en una crisis de deuda, los líderes de la UE deberían preguntar si debería hacerlo.

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