Ha llegado el momento de reparar el euro

NUEVA YORK – El euro padece deficiencias estructurales. Tiene un banco central, pero no una hacienda pública central y la supervisión del sistema bancario corre a cargo de las autoridades nacionales. Esos defectos están dejando sentir cada vez más su influencia y están agravando la crisis financiera.

El proceso comenzó en serio después de la quiebra de Lehman Brothers, cuando el 12 de octubre de 2008 los ministros de Hacienda europeos consideraron necesario tranquilizar a sus públicos en el sentido de que no se permitiría que quebrara ninguna otra entidad financiera importante. A falta de una hacienda pública central, esa tarea correspondió a las autoridades nacionales, disposición que creó inmediatamente una crisis financiera grave en los nuevos Estados miembros de la Unión Europea que aún no han adoptado el euro. Con el tiempo, aumentó las tensiones dentro de la zona del euro.

La mayoría del crédito en los nuevos Estados miembros es concedido por bancos de la zona del euro y la mayoría de las deudas de las familias están denominadas en divisas extranjeras. Cuando los bancos de la zona del euro buscaron la protección de sus países originarios repatriando su capital, las divisas y los mercados de bonos de la Europa oriental fueron objeto de presiones, sus economías se hundieron y la capacidad de las familias para pagar sus deudas disminuyó. Los bancos con una gran exposición a la situación de la Europa oriental vieron perjudicados sus balances,

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