Un’Unione Bancaria Europea?

MONACO DI BAVIERA – In flagrante violazione del Trattato di Maastricht, la Commissione Europea ha presentato un piano di salvataggio dopo l’altro per le economie europee in difficoltà. Ed ora, vuole socializzare non solo il debito pubblico con l’introduzione di eurobond, ma anche il debito bancario mediante la proclamazione di una “unione bancaria”.

Socializzare il debito bancario non è solo ingiusto ma si tradurrà in futuro anche in una cattiva allocazione di risorse. La socializzazione del debito bancario al di là delle frontiere implica che gli oneri finanziari privati di un paese siano artificialmente ridotti al di sotto dei tassi di mercato, poiché l’assicurazione (nella forma di credit-default swaps) viene fornita gratuitamente dagli altri paesi. In questo modo, i flussi di capitali dal centro verso la periferia continuerebbe a superare la quantità ottimale, compromettendo la crescita dell’Europa nel suo complesso.

La storia offre innumerevoli esempi di cattiva allocazione delle risorse che può derivare dalla socializzazione del debito bancario. Uno di questi è la crisi dei risparmio e dei mutui degli anni ’80 negli Stati Uniti, che è costata ai contribuenti americani più di 100 miliardi di dollari. Al riparo dell’assicurazione dei depositi comuni, le casse di risparmio statunitensi hanno fatto una “scommessa sulla resurrezione” – prendendo troppo a prestito dai depositi dei loro clienti e finanziando imprese rischiose, ben sapendo che i profitti potenziali sarebbero potuti essere versati sottoforma di dividendi agli azionisti, mentre le perdite potenziali sarebbero state socializzate.

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