Inversione della Rinazionalizzazione Europea

NEW-YORK – Lungi dal diminuire, la crisi dell’euro ha preso una piega sempre più& brutta negli ultimi mesi. La Banca Centrale Europea è riuscita ad attenuare un’incipiente stretta del credito mediante la sua Operazione di Rifinanziamento a Lungo Termine (ORLT), con cui ha dato in prestito più di mille miliardi alle banche della zona euro ad un tasso d’interesse dell’1%. Quest’operazione ha apportato notevole sollievo ai mercati finanziari e la ripresa che ne è risultata ha oscurato il deterioramento sottostante, ma è improbabile che ciò duri per molto ancora.

I problemi fondamentali non sono stati risolti; difatti, lo scarto tra paesi creditori e quelli debitori continua ad ampliarsi. La crisi è entrata in quella che potrebbe essere una fase meno instabile, ma potenzialmente fatale.

All’inizio della crisi, la disgregazione della zona euro era impensabile: gli attivi e passivi denominati in valuta comune erano così intrecciati che un fallimento avrebbe causato un collasso incontrollabile. Ma, con l’avanzare della crisi, il sistema finanziario della zona euro si è progressivamente orientato nuovamente lungo linee nazionali.

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