El problema de los eurobonos

MÚNICH – La canciller alemana Angela Merkel fue capaz de resistir la presión de los países del sur de Europa, y no habrá eurobonos. Para los mercados es una desilusión, pero para que estos países se reconstituyan no hay otro modo que insistir con paciencia en la necesidad de pasar por una etapa de disciplina fiscal y olvidarse de restricciones presupuestarias demasiado permisivas.

Quienes invirtieron en las economías europeas que atraviesan dificultades ya tienen suficiente. La decisión que tomaron los líderes de la eurozona el 21 de julio, en el sentido de permitir al Fondo Europeo de Estabilidad Financiera recomprar los viejos títulos de deuda, sin otro límite que la propia capacidad del fondo, equivale en cierto modo a la emisión de eurobonos. Y además, el Banco Central Europeo continuará alegremente su política de ayuda financiera basada en otorgar préstamos a los miembros de la eurozona con problemas y comprar sus bonos públicos.

Pero los países del sur de Europa insisten en la adopción plena de un sistema de eurobonos, para librarse de las primas que los mercados les exigen pagar sobre las tasas de Alemania. Su insistencia es comprensible, ya que uno de los factores decisivos detrás de la entrada de estos países a la zona euro fue la esperanza de que se produciría una convergencia de los tipos de interés; esperanza que durante algo más de una década, entre 1997 y 2007, se hizo realidad.

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