Atrapados en "Eurolandia"

TOKIO – A veces los estadounidenses y (y algunos asiáticos) llaman "Euroland" a la eurozona. Si se piensa en los ecos con "Disneyland", una tierra de fantasía, resulta un apelativo más bien irónico que útil.

Desde que el euro se propusiera por primera vez, los escépticos (principalmente estadounidenses) y los defensores (en su mayoría europeos) de la moneda única han discutido acaloradamente acerca de sus precondiciones, los beneficios para sus miembros y su factibilidad política. Los economistas asiáticos que promueven la integración regional en Asia han observado el debate con asombro, dado que la línea divisoria no se basa en temas de filosofía económica, como "keynesianos versus neoclásicos" o "liberales versus conservadores", sino en una brecha geográfica transatlántica.

Los economistas estadounidenses, con Martin Feldstein a la cabeza, han argumentado que las economías de la eurozona son demasiado diversas, con demasiadas diferencias institucionales y rigideces del mercado laboral, para formar un área monetaria óptima. Más aún, una política monetaria común combinada con una política fiscal independiente está condenada al fracaso: la primera aumenta el paro en las economías más débiles, porque el tipo de interés refleja los indicadores promedio de la eurozona (en los que Alemania y Francia tienen un gran peso), pero mantiene el coste de endeudarse lo suficientemente bajo como para que los gobiernos de las economías débiles puedan financiar el derroche fiscal.

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