El fin de la soberanía fiscal en Europa

MILÁN – El difunto Milton Friedman dijo que una moneda común –es decir, una unión monetaria– resulta insostenible sin una forma profunda de unión política y económica. Con ello se refería a una economía abierta que garantice la libre circulación de bienes, mano de obra y capital, junto con una autoridad fiscal central y disciplinada y un fuerte banco central. Los dos últimos son los pilares de una divisa fuerte. Funcionan en tándem, pero las otras piezas no son menos importantes.

La zona del euro, que ahora está lidiando con el desequilibrio fiscal y el riesgo en materia de deuda soberana, tiene un banco central fuerte y autónomo, pero está fiscalmente fragmentada y sólo en parte unificada políticamente.

Para ello se aprobó el Tratado de Maastricht, que en teoría impone disciplina fiscal, al fijar límites a los déficits y los niveles de deuda estatales: una estructura claramente concebida para impedir que nadie se aprovechara de la disciplina de los demás. Así, pues, dicho tratado iba encaminado a prevenir una situación como la que se da actualmente en Grecia.

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