Debito senza affondo

LONDRA – E’ dagli anni ’70 che gli economisti sostengono che un’unione monetaria non è sostenibile senza un’unione fiscale. Ma i leader dell’eurozona non hanno mai ascoltato il loro consiglio e le conseguenze sono sempre più evidenti. L’Europa si trova ora ad affrontare, infatti, una scelta difficile: correggere questo difetto fondamentale di progettazione e andare verso un’unione fiscale, o abbandonare del tutto la valuta unica. 

Se si dovesse scegliere la seconda opzione, le conseguenze sarebbero devastanti. E’ pur vero che se da un lato la volontà di istituire un’unione monetaria poteva sollevare qualche domanda negli anni ’90, dall’altro smantellare l’eurozona adesso significherebbe provocare un profondo sconvolgimento economico, sociale e politico in tutta l’Europa. Per evitare un risultato simile, i leader europei dovrebbero iniziare a delineare e implementare delle strategie mirate ad avvicinare l’Europa ad un’unione di tipo fiscale.

Di certo, un’unione fiscale come quella degli Stati Uniti è una prospettiva molto distante che i leader dell’eurozona non dovrebbero aspettarsi di raggiungere in tempi brevi, o persino nel corso delle loro vite. Ma ciò non significa che la creazione di un’unione fiscale sia solo una chimera. Dei passi anche piccoli nella direzione giusta possono fare adesso una differenza fondamentale.

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