La convalescencia del euro

PARÍS – Hace un año la eurozona se encontraba en una situación muy delicada. Una serie de medidas (como la creación de un fondo de rescate, un tratado fiscal y la entrega de liquidez barata al sistema bancario) destinadas a impresionar a los mercados financieros no lograban  su cometido. La crisis se había propagado desde la periferia monetaria de la unión a su centro. Los países del sur de Europa sufrían la liquidación de su deuda soberana y la fuga de capitales privados. Europa se fragmentaba en lo financiero y se especulaba cada vez más sobre su posible ruptura.

Entonces se emprendieron dos iniciativas importantes. En junio de 2012 los líderes de la eurozona anunciaron su intención de crear una unión bancaria europea, manifestando que era necesario apoyar las bases del euro con la transferencia de supervisión bancaria a una autoridad de nivel europeo.

Por primera vez desde el inicio de la crisis en Grecia, se reconocía oficialmente que la raíz del problema de la eurozona no era el desobedecimiento de reglas fiscales y que era necesario revisar los principios mismos que subyacían a la unión monetaria. La tarea por delante iba a ser necesariamente ambiciosa. En opinión de la mayoría de los observadores, para alcanzar el objetivo de los gobernantes de “romper el círculo vicioso entre bancos y países soberanos” se hacía necesaria una autoridad centralizadora para el rescate y resolución de la situación de los bancos.

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