Perchè Gli Eurobond Non Sono Americani

BRUXELLES – Oggi, in Europa, raccoglie sempre più consensi la tesi che soltanto una “mutalizzazione del debito” in forma di Eurobond sia in grado di risolvere la crisi dell’euro, con i suoi sostenitori che di frequente richiamano gli albori degli Stati Uniti, quando Alexander Hamilton, segretario del tesoro del Presidente George Washington, spinse con successo il nuovo governo federale a farsi carico dei debiti della Guerra di Indipendenza contratti dagli stati americani. Ma una più attenta analisi rivela che questa prima esperienza americana non offre né un’utile analogia né un incoraggiante precedente per gli Eurobond.

In primo luogo, la presa in consegna, a livello federale, di uno stock di debito pubblico esistente è molto diverso dal consentire che i singoli stati membri emettano titoli a responsabilità “solidale ed individuale” sottoscritta da tutti gli stati collettivamente. Hamilton non doveva preoccuparsi di rischi morali, in quanto il governo federale non garantiva alcun nuovo debito contratto dagli stati.

In secondo luogo, si ricorda di rado che il debito federale americano del tempo (circa 40 milioni di dollari) era molto più grande di quello degli stati (circa 18 milioni di dollari). Quindi, considerando che il debito statale non era fondamentale per il successo della stabilizzazione finanziaria del dopoguerra nel nuovo paese, bensì era un corollario naturale del fatto che la maggior parte del debito era stato contratto combattendo per una causa comune.

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