Bocciati gli Eurobond

MONACO – Il cancelliere tedesco Angela Merkel ha resistito alle pressioni provenienti dal Sud Europa e ha detto no agli Eurobond. Per i mercati si tratta di una delusione, ma per la ripartenza di questi paesi non si può far altro che insistere pazientemente su una maggiore disciplina sul fronte del debito pubblico e porre fine ai permissivi vincoli di bilancio.

Gli investitori provenienti dagli stati europei in difficoltà stanno già ottenendo molto dalla situazione attuale. La decisione presa dai leader dell’Eurozona il 21 luglio per consentire al fondo salva-Stati European Financial Stability Facility (Efsf) di procedere con il “buy back” (riacquisto) dei vecchi debiti – malgrado le insufficienti risorse del fondo – rappresenta già una sorta di Eurobond. La Banca centrale europea continuerà altresì serenamente con la politica di salvataggio, e quindi fornirà prestiti agli stati membri dell’Eurozona in difficoltà e acquisterà i rispettivi titoli di Stato.

Il Sud Europa dal canto suo sta effettuando forti pressioni per un passaggio completo agli Eurobond, con l’obiettivo di disfarsi dei premi sui tassi di interesse, richiesti dai mercati, nei confronti della Germania. Ciò è comprensibile, considerando che la speranza di stabilizzare i tassi di interesse è stata la ragione decisiva che ha spinto questi paesi ad aderire all’euro. E per circa un decennio, dal 1997 al 2007, tale speranza è stata ben riposta.

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