Los daños colaterales causados por el rescate de Europa

MÚNICH – La zona del euro se encuentra ahora en su sexto año de crisis... y de aplicación de medidas por parte del Banco Central Europeo y la comunidad internacional para ponerle fin. Las autoridades están quedando atrapadas en un intervencionismo progresivo que, como ha dicho el Primer Ministro de Gran Bretaña, David Cameron, puede alterar la zona del euro “hasta dejarla irreconocible” y viola las normas económicas y políticas básicas de Europa.

La petición más reciente, expresada estridentemente por el Presidente de Francia, François Hollande, es la de que el BCE manipule el tipo de cambio. Hollande está alarmado por la rápida apreciación del euro, que ha pasado de1,21 dólares al final de julio de 2012 a 1,36 a principios de febrero de este año. El fortalecimiento del tipo de cambio está ejerciendo una mayor presión en las precarias economías de la Europa meridional y de Francia y socavando su ya escasa competitividad.

El crédito barato consiguiente a la entrada del euro alimentó una burbuja económica inflacionaria en la Europa meridional, que estalló cuando se declaró la crisis financiera. Las condiciones crediticias empeoraron abruptamente y lo que quedó fue la mínima expresión –con precios excesivamente hinchados– de unas economías que habían acabado dependiendo excesivamente de la financiación extranjera.

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