Dos modelos para Europa

MUNICH - Las tasas de interés de la deuda pública dentro de la eurozona se han ampliado una vez más, tal como lo hicieron antes de la introducción del euro. Las disparidades de la balanza de pagos están aumentando constantemente. La crisis de deuda soberana avanza de la periferia al centro, y se está acelerando el éxodo de capitales. Desde el verano, € 300 mil millones, en términos netos, bien pueden haber huido de Italia y Francia.

Las máquinas de impresión de la Banque de France y la Banca d'Italia están trabajando a sobretiempo para compensar el flujo de dinero saliente. Pero esto sólo fomenta el éxodo, porque la creación de más dinero impide que las tasas de interés se eleven a un punto en el que al capital le resulte atractivo quedarse.

Si Europa tuviera las mismas reglas que los Estados Unidos, donde los bancos regionales de la Reserva Federal tienen que pagar a la Fed por la creación de dinero especial con valores con garantía en oro, no podrían crear todo este dinero adicional, y la fuga de capitales sería limitada. En cambio, la impresión local de dinero está esencialmente ayudando e instigando el éxodo.

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