Paul Lachine

La estrategia secreta de rescate del BCE

MÚNICH – ¿Por qué Grecia, Irlanda y Portugal tuvieron que buscar cobijo bajo el paraguas de rescate de la Unión Europea, y por qué España es candidato potencial?

Para muchos la respuesta es obvia: los mercados internacionales ya no quieren financiar a los “GIPS”. Pero es sólo cierto a medias. De hecho, los mercados internacionales no han financiado a ninguno de ellos de manera considerable en los últimos tres años; el Banco Central Europeo sí lo ha hecho. Las llamadas cuentas “Objetivo”, hasta ahora ignoradas por los medios, muestran que el BCE ha estado mucho más involucrado en las operaciones de rescate de lo que se sabe. Pero ahora el BCE ya no quiere hacerlo y está instando a los miembros de la eurozona a que se hagan cargo.

Normalmente, el déficit en cuenta corriente de un país (el déficit comercial menos las transferencias de otros países) se financia con capital extranjero privado. No obstante, en una unión monetaria el crédito del banco central puede desempeñar esta función si los flujos de capital privado son insuficientes. Esto es lo que sucedió en la eurozona cuando el mercado interbancario se vino abajo por primera vez a mediados de 2007.

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