Tim Brinton

Cómo prevenir la próxima crisis del euro

LUXEMBURGO – Actualmente se le asigna mucha dedicación y energía a la institucionalización de un mecanismo de gestión de crisis para la zona del euro. Es un objetivo bueno e importante. Pero un desafío mucho más significativo –que surge profusamente en el debate que lo acompaña- es la necesidad de una prevención de la crisis.

En la cumbre previa a la Navidad de la Unión Europea, los jefes de Estado y de Gobierno de Europa acordaron en principio reemplazar el Fondo Europeo para la Estabilidad Financiera (EFSF, por su sigla en inglés), que se estableció prácticamente de la noche a la mañana en mayo de 2010, por un mecanismo de estabilidad europea nuevo y permanente en 2013. Esa decisión –y la velocidad con la que se tomó- refleja la idea de que el marco institucional de la zona del euro seguirá siendo incompleto hasta que existan reglas claras para manejar las crisis financieras.

Sin embargo, si bien resulta claro que la zona del euro tendrá unidades de cuarentena sólidas y bien equipadas en caso de que alguna vez volviera a resultar afectada por el contagio financiero, una vacuna para prevenir la infección sería mucho más efectiva. Desafortunadamente, el desarrollo de una vacuna de este tipo está recibiendo escasa atención en el terreno político.

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