La causa di tutte le crisi legate al debito sovrano

NEW YORK – La crisi del debito greco ha sollevato questioni sulla possibilità o meno che l’euro sopravviva senza la centralizzazione, del tutto inimmaginabile, della politica fiscale. Esiste una strada più semplice. L’indebitamento irresponsabile da parte dei governi nei mercati internazionali del credito è riconducibile all’attività creditizia irresponsabile. Gli enti di vigilanza bancaria dovrebbero solo dire basta a tale attività avvalendosi degli istituti che rientrano a pieno titolo nella loro sfera di competenza.

La concessione di prestiti ai governi esteri è per certi versi più rischiosa dei titoli di debito privati non garantiti o dei bond spazzatura. I privati che contraggono un prestito spesso offrono garanzie collaterali come la casa. La garanzia limita il rischio di downside dei creditori, e il timore di perdere i beni vincolati incoraggia i debitori ad agire con prudenza.

Ma i governi non offrono alcuna garanzia collaterale, e il loro principale incentivo al rimborso – il timore di essere tagliati fuori dai mercati internazionali del credito – deriva da una perversa assuefazione. Solo i governi che sono cronicamente incapaci di finanziare i propri sborsi attraverso le tasse domestiche o i titoli di debito nazionale continuano a chiedere in prestito ingenti somme all’estero. L’ardente desiderio di favorire i creditori esteri solitamente deriva da una forma profondamente radicata di errata governance.

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