La herencia de Duisenberg

El primer Presidente del Banco Central Europeo (BCE), Wim Duisenberg, deja su cargo con la cabeza muy alta. Bajo su dirección, el primer banco central de Europa "se ha hecho adulto", al pasar de la infancia a la eminencia en poco más de cinco años tan sólo. El euro ha quedado firmemente afianzado como una de las divisas más importantes del mundo. La inflación en la economía de la zona del euro se mantiene en torno al dos por ciento: más o menos en consonancia con la definición de estabilidad de precios propugnada por el BCE. Las perspectivas en materia de inflación son estables y el funcionamiento del Consejo de Gobernadores es satisfactorio.

No todo el mundo en Europa está contento con un banco central encargado de luchar contra la inflación. Los críticos que desean una política económica más activista y orientada al crecimiento intentaron -aunque sin éxito- hacer desistir de su inflexibilidad a ese holandés de 68 años con ataques personales e insultos degradantes, pero el BCE y el Consejo de Gobernadores se negaron a ceder ante los insultos o las presiones políticas imperiosas para que redujera los tipos de interés, volviese a reducirlos y después los redujera de nuevo un poco más. El banco bisoño se granjeó un gran crédito, pero también considerable enemistad, al atenerse a su mandato antiinflacionista.

Naturalmente, el BCE ha tenido sus problemas -principalmente en el sector de las comunicaciones- y a veces la franqueza de Duisenberg le creó problemas, pero se trataba de asuntos de menor importancia y enormemente deformados por críticos que tenían sus propios planes para el banco. Fueran cuales fuesen los problemas existentes en los primeros años -demasiadas voces, demasiado poca claridad- quedaron allanados con el tiempo.

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