Tim Brinton

La estructura de las reformas institucionales

FRANKFORT- Aunque se habla mucho en Europa al respecto, el euro no está en crisis. En cambio, algunos países están lidiando con una crisis de deuda soberana y las consecuencias de las reformas económicas inadecuadas. Los desafíos no se limitan a la zona del euro. Gran parte de las economías avanzadas en todo el mundo están encarando problemas similares.

Todos los países tienen que sacar conclusiones duras de la crisis actual. En la zona del euro, en lugar de seguir negando que la unión monetaria limita la soberanía fiscal nacional, se debe reconocer la realidad económica y aplicar normas presupuestarias más estrictas.

Cuando estalló la crisis financiera, el euro protegió a países que en circunstancias similares habrían caído en una profunda crisis monetaria. Tal vez esta protección funcionó demasiado bien porque los países con el desempeño más bajo no se vieron sujetos a la disciplina de los mercados financieros.

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