Paul Lachine

El euro como catalizador

PARIS – En 2000, poco después de la introducción del euro, escribí un libro en el que sostenía que los países que adoptaran la moneda común se verían obligados, de un modo u otro, a aplicar reformas estructurales. Diez años después, ¿dónde estamos?

Sorprendentemente, el primer país que llevó a cabo reformas fue Alemania. Gracias a un ambiente favorable a las empresas orientadas a la exportación y, en particular, a la disciplina salarial, Alemania empezó a tener superávits significativos de balanza de pagos. Esto resulta claro de manera espectacular actualmente y es lo que sostiene el crecimiento económico alemán junto con una de las menores tasas de desempleo en Europa.

La situación es notablemente distinta en otros miembros de la eurozona. Los “PIIGS” (Portugal, Italia, Irlanda, Grecia y España, por sus iniciales en inglés) se beneficiaron mucho del euro, gracias no sólo a la eliminación de las barreras al comercio relacionadas con las divisas, sino también a que sus tasas de interés súbitamente disminuyeron a niveles que habrían sido inconcebibles en las épocas anteriores al euro.

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