La Unión Europea quiere tapar el sol con un dedo

BRUSELAS – ¿Está más cerca la crisis del euro de llegar a una solución? Los líderes europeos han prometido elaborar para finales de este mes un paquete exhaustivo no solo para acabar con la crisis sino también para preservar la estabilidad del euro. Desafortunadamente, es poco probable que tengan éxito, porque la mayor parte de los elementos que se han dado a conocer hasta ahora abordan los síntomas de la crisis, no sus causas subyacentes.

La canciller alemana, Ángela Merkel, suele subrayar, con razón, que no debe hablarse de una "crisis del euro", sino de una "crisis de deuda". Si añadiera que esta es una crisis de deuda tanto soberana como bancaria, tendría aún más razón.

Pero un corolario inmediato de ese diagnóstico es que resolver esta crisis exige encontrar una solución al problema de la deuda – es decir, al problema de los soberanos sobreendeudados y los bancos insolventes. Lamentablemente, nada se está haciendo en ninguno de estos frentes cruciales.

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