El euro se hace grande

El 1 de enero, el euro celebró su sexto cumpleaños. Si hoy miramos hacia atrás, contemplamos un periodo en que el Banco Central Europeo implementó con éxito una política monetaria única y orientada a la estabilidad, que beneficia a más de 300 millones de ciudadanos.

Se trata de un logro notable. Cuando se ratificó el Tratado de Maastricht en 1993, muchos tuvieron dudas sobre si funcionaría la Unión Económica y Monetaria. Todo el mundo pensaba que el objetivo del Tratado era digno de encomio, pero que sería realizable sólo en un futuro indeterminado. Para sorpresa de muchos, Europa demostró una gran determinación a la hora de asegurar que la moneda única se hiciera realidad.

Una política monetaria única para un área formada por 11 (y después 12) países, cada uno con un gobierno nacional soberano, era algo completamente nuevo. ¿Sería compatible con políticas fiscales nacionales autónomas? Dada la naturaleza descentralizada del sistema, ¿distorsionarían los intereses nacionales la conducción de la política monetaria?

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