Más liderazgo para más Europa

MILÁN – El debate sobre cómo mejorar la gobernanza económica de la eurozona está arrojando nuevas luces sobre las debilidades del sistema. Cuando se firmó el Tratado de Maastricht en 1992 ya era evidente que, en el largo plazo, sería insostenible una unión monetaria que no estuviera acompañada por un convenio similar en el ámbito fiscal. Durante la primera década de la moneda común se echó un velo sobre esta deficiencia fundamental.

Hoy la eurozona, con una política monetaria centralizada ejercida por el Banco Central Europeo, junto con las políticas fiscales de 27 países, parece una mofa del sentido común económico. Ya hace tiempo que estados importantes, como Francia y Alemania, dejaron de tomarse en serio el Pacto de Estabilidad y Crecimiento (PEC) de la Unión Europea, que se suponía debía garantizar la coordinación y disciplina fiscal de los estados miembros.

Cuando la puesta en marcha del euro impulsó el comercio intraeuropeo y redujo la inflación en varios estados miembros, sencillamente se hizo caso omiso de las obligaciones fiscales. Rápidamente el euro se convirtió en la segunda moneda más importante del mundo y demostró ser una buena protección contra las turbulencias financieras externas. El optimismo se fue a las nubes y se abandonó toda prudencia, como se advierte en el ingreso prematuro a la eurozona de países como Grecia, así como la brecha entre el ritmo de ampliación de la UE y el de su integración institucional.

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