El BCE se debate contra el papel de los bancos centrales

BERKELEY – Cuando el Banco Central Europeo anunció el lanzamiento de un programa de compra de bonos públicos, al mismo tiempo hizo saber a los mercados financieros que la idea le desagradaba profundamente, que no se comprometía de lleno con el programa y que anularía esa política tan pronto como pudiera. De hecho, el BCE declaró que no creía que la estabilización de precios de los bonos públicos que se obtendría mediante dichas compras fuera duradera.

Es difícil imaginar una forma peor de autosabotearse al implementar un programa de compra de bonos. Al poner en claro desde el comienzo que no confiaba en su propia política, el BCE prácticamente garantizaba su fracaso. Si es tan evidente que el BCE no cree en los bonos que compra, ¿por qué los inversores van a pensar distinto?

El BCE sigue convencido de que la estabilidad financiera no está entre sus objetivos principales. Ya lo dijo su presidente saliente, Jean-Claude Trichet: el BCE tiene “una sola aguja en [su] brújula, y es la inflación”. La negativa del BCE a actuar como prestamista de última instancia obligó a crear una institución reemplazante, el Fondo Europeo de Estabilidad Financiera; pero en los mercados financieros todo el mundo sabe que el FEEF no tiene suficiente poder de fuego para hacerse cargo de la tarea y que, además, su estructura de gobernanza es ineficaz.

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