L’impero fortuito

NEW YORK – E’ ormai chiaro che la crisi dell’euro è stata determinata dalla cessione del diritto di stampa della moneta da parte degli stati membri alla Banca Centrale Europea. I paesi dell’UE, così come le autorità europee, non hanno infatti capito cosa avrebbe comportato tale cessione.

Con l’introduzione dell’euro, i regolatori hanno permesso alle banche di acquisire somme illimitate di obbligazioni statali senza mettere da parte alcun capitale azionario, mentre la BCE ha ridotto il prezzo dei titoli di stato di tutta l’eurozona in ugual misura. Le banche commerciali hanno trovato vantaggioso accumulare le obbligazioni dei paesi più deboli per guadagnare qualche punto base extra, il che ha portato ad una convergenza dei tassi di interesse in tutta l’eurozona. In questo contesto, la Germania, in difficoltà a causa del peso della riunificazione, ha implementato una serie di riforme strutturali diventando più competitiva, mentre altri paesi hanno goduto invece del boom immobiliare e dei consumi sulla spinta del credito a basso tasso di interesse, diventando così meno competitivi.

Poi è arrivato il crollo del 2008 e i governi si sono trovati a dover salvare le loro banche. Alcuni di loro si sono trovati nella posizione dei paesi in via di sviluppo con un eccesso di indebitamento in una valuta sulla quale non avevano il controllo. L’Europa si è quindi divisa tra paesi creditori e debitori, rispecchiando in tal modo la divergenza delle prestazioni economiche.

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