Tim Brinton

In Europa si pensa all’impensabile

CAMBRIDGE – Nel corso dell’intervento di salvataggio della Grecia tramite il pacchetto di aiuti congiunto dell’eurozona e dell’FMI era già evidente che si trattava solo di un sollievo temporaneo. La situazione è infatti precipitata di nuovo. Viste le difficoltà dell’Irlanda che minacciano di diffondersi in Portogallo, Spagna e persino Italia, è giunta l’ora di riconsiderare la vitalità della moneta unica in Europa.

Non facendo parte degli euroscettici, non è facile per me parlare in questi termini. A differenza di altri, tra cui il mio collega di Harvard, Martin Feldstein, che non ha mai considerato l’Europa come una zona monetaria naturale, ho sempre creduto che l’unione monetaria fosse un’istituzione estremamente logica all’interno del progetto di un’Europa allargata che evidenziava, e che ancora oggi evidenzia, l’importanza della creazione di istituzioni politiche in parallelo ad un processo di integrazione economica.

La sfortuna dell’Europa è di essere stata travolta proprio a metà del suo processo di integrazione dalla peggior crisi finanziaria dagli anni ’30. L’integrazione dell’eurozona è risultata infatti da un lato troppo compatta per eventuali eccessi transnazionali da non poter evitare un dissesto all’interno delle economie nazionali, e dall’altro non sufficiente ad avere la capacità istituzionale necessaria per gestire la crisi.

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