L’Euro in Via di Guarigione

PARIGI – Un anno fa la zona euro si trovava in guai seri. Una serie di azioni politiche - la creazione di un fondo di salvataggio, un trattato fiscale, e l’offerta di liquidità a buon mercato per il sistema bancario - non erano riuscite a far pressione sui mercati finanziari a lungo. La crisi si era spostata dalla periferia dell’unione monetaria al suo nucleo. L’Europa meridionale sperimentava una fase di svendita del debito sovrano e di massiccio ritiro dei capitali privati. L’Europa si andava frammentando finanziariamente. Le speculazioni su una sua possibile rottura erano molto diffuse.

Poi avvennero due importanti iniziative. Nel giugno 2012, i leader della zona euro hanno annunciato l’intenzione di istituire un’unione bancaria europeo. L’euro, hanno detto, doveva essere sostenuto con il trasferimento della vigilanza bancaria ad un’autorità europea.

Per la prima volta dall’inizio della crisi in Grecia, si è riconosciuto ufficialmente che la radice del problema della zona euro non si trovava nella trasgressione delle regole di bilancio, e che i principi stessi alla base dell’unione monetaria dovevano essere rivisitati. Il tentativo era destinato ad essere ambizioso. Agli occhi della maggior parte degli osservatori, per poter raggiungere l’obiettivo dei leader di “riuscire a spezzare il circolo vizioso tra banche e governi” era necessaria una autorità centralizzata per lo scioglimento o il sostegno delle banche.

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