El negocio riesgoso del BCE

BRUSELAS – Un banco central siempre tiene que desempeñar un papel crucial en una crisis financiera. Pero el rol del Banco Central Europeo dentro de la zona del euro hoy en día es aún más "central" que el de la Reserva Federal o el del Banco de Inglaterra.

Una diferencia fundamental entre la eurozona y Estados Unidos es que aún se sigue percibiendo que el crédito entre dos bancos situados en dos países miembro distintos conlleva riesgos completamente diferentes que el préstamo "doméstico" (entre dos bancos en el mismo país). Este no es el caso en Estados Unidos, porque tiene un sistema financiero integrado, y el respaldo a los bancos (el seguro de depósitos o los rescates directos) se administra a nivel federal.

En consecuencia, el hecho de que California pudiera estar más cerca de la quiebra que algunos países de la eurozona no tiene ninguna incidencia en la calificación crediticia de los bancos con sede allí, o en su capacidad para obtener fondos en el mercado interbancario. En Europa, en cambio, el destino de todos los bancos depende de los gobiernos en sus respectivos países.

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