Mais Liderança para Mais Europa

MILÃO – O debate sobre a melhoria da governação económica na zona euro está a lançar uma nova luz sobre as deficiências do sistema. Já era evidente, na altura em que foi assinado o Tratado de Maastricht em 1992, que a existência de uma união monetária sem algo semelhante no domínio orçamental seria insustentável a longo prazo. Então, essa falha fundamental foi encoberta durante a primeira década da moeda comum.

Actualmente a zona euro - com uma política monetária centralizada, gerida pelo Banco Central Europeu, em paralelo com 27 políticas orçamentais nacionais - parece estar a meter a ridículo o bom senso económico. Desde cedo que Estados importantes como a França e a Alemanha deixaram de levar a sério o Pacto de Estabilidade e Crescimento (PEC) da União Europeia, que deveria garantir a disciplina orçamental e a coordenação entre os Estados-Membros.

Com a introdução do euro, que impulsionou o comércio intra-europeu e diminuiu a inflação em muitos Estados-Membros, as obrigações orçamentais foram simplesmente ignoradas. O euro tornou-se rapidamente a segunda moeda mais importante do mundo e provou ser um escudo contra a turbulência financeira externa. O optimismo aumentou e a prudência fugiu - o que se traduziu na adesão prematura à zona euro de países como a Grécia, bem como no desfasamento entre o ritmo de alargamento da União Europeia e o da integração institucional.

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