Esta vez, Europa está de verdad al borde del precipicio

By admin 12 años ago

La gestión de la crisis por Alemania amenaza con repetir las tensiones del pasado siglo

¿Queda un minuto para la medianoche en Europa?

Nos tememos que la política del Gobierno alemán de hacer algo que sirve ya de poco y llega demasiado tarde corre el riesgo de provocar precisamente una repetición de la crisis de mitad del siglo XX que la integración europea pretendía evitar.

Nos resulta extraordinario que sea Alemania, precisamente, la que parezca no haber aprendido de la historia. Obsesionada con la inexistente amenaza de la inflación, da la impresión de que la Alemania actual otorga más importancia al año 1923 (el año de la hiperinflación) que a 1933 (el año en que murió la democracia). A los alemanes no les vendría mal recordar que una crisis bancaria europea ocurrida dos años antes de 1933 contribuyó de forma directa a la descomposición de la democracia, no solo en su propio país, sino en todo el conti

Llevamos más de tres años advirtiendo de que Europa continental necesitaba limpiar los lamentables balances de sus bancos. No hicieron prácticamente nada. Mientras tanto, desde hace dos años se está extendiendo un pánico silencioso entre los bancos de la periferia de la eurozona: se han reducido los servicios financieros transfronterizos, interbancarios y generales, y se han sustituido por financiación del BCE; y el dinero inteligente —grandes depósitos no asegurados de personas con altos ingresos— ha abandonado las costas de Grecia y otros bancos mediterráneos.

Pero ahora el público está perdiendo la confianza, y el pánico puede extenderse a depósitos sin asegurar más pequeños. Si Grecia saliera del euro, se produciría una congelación de depósitos, y los depósitos en euros se convertirían en nuevos dracmas: por tanto, un euro en un banco griego no equivale a un euro en un banco alemán. Los griegos han retirado más de 700 millones de euros de sus bancos en el último mes.

Más preocupante es que el mes pasado también hubo un aumento de las retiradas de dinero de algunos bancos españoles. La torpe operación de rescate de Bankia llevada a cabo por el Gobierno solo ha servido para incrementar la inquietud de la población. En una visita reciente a Barcelona, a uno de nosotros le preguntaron varias veces si era seguro tener dinero en un banco español. Este tipo de proceso puede ser explosivo. Lo que hoy es una tranquila visita al banco puede convertirse en una carrera de sálvese quien pueda. Si se produjera la salida de Grecia, las personas racionales se preguntarían: ¿quién va a continuación?

Como se debatió en una reunión del Nicolas Berggruen Institute celebrada la semana pasada en Roma, la forma de salir de esta crisis parece clara.

Resulta extraordinario que sea Alemania la que parezca no haber aprendido de la historia

En primer lugar, es preciso establecer un programa de recapitalización —mediante acciones preferentes sin derecho a voto— de los bancos de la eurozona, tanto en la periferia como en el centro, directa a través del Instrumento Europeo de Estabilidad Financiera (IEEF) y su sucesor, el Mecanismo de Estabilidad Financiera (MEE).

La estrategia actual de recapitalizar los bancos a base de que los Estados pidan prestado a los mercados nacionales de bonos —o al IEEF— ha resultado desastrosa en Irlanda y Grecia: ha provocado una explosión de deuda pública y ha hecho que el Estado fuera todavía más insolvente, al tiempo que los bancos se convierten en un riesgo mayor en la medida en que más parte de la deuda pública está en sus manos.

Segundo, para evitar el pánico en los bancos de la eurozona —un fenómeno seguro en el caso de salida de Grecia y muy probable en cualquier caso— es necesario crear un sistema europeo de garantía de depósitos.

Con el fin de reducir el riesgo subjetivo (además del riesgo del precio de las acciones y el riesgo crediticio asumidos por los contribuyentes de la eurozona), también habría que tomar otras medidas:

1. El programa de garantía de depósitos debe financiarse con los gravámenes bancarios apropiados: podría ser un impuesto de transacciones financieras o, mejor aún, un impuesto sobre todos los pasivos bancarios.

2. Es necesario poner en práctica un programa de resolución bancaria en el que los acreedores no asegurados —tanto mayoritarios como minoritarios— sean los primeros que paguen, antes de recurrir al dinero de los contribuyentes para cubrir las pérdidas de un banco.

3. Deben tomarse medidas para limitar el tamaño de los bancos con el fin de evitar el problema de las entidades demasiado grandes para caer.

4. También somos partidarios de un sistema de supervisión y regulación para toda la UE.

Un euro en un banco griego no equivale a un euro en un banco alemán

Es cierto que el fondo europeo de garantía de depósitos no funcionará si existe el riesgo continuo de que un país se salga de la eurozona. Garantizar los depósitos en euros sería muy caro, porque el país en cuestión necesitaría convertir toda la deuda a una nueva moneda nacional, que enseguida se depreciaría respecto al euro. Por otra parte, si el seguro de depósito solo tiene validez mientras el país no abandone el euro, será incapaz de impedir un pánico bancario. Por consiguiente, es necesario tomar más medidas para reducir las probabilidades de que se produzcan abandonos de la eurozona.

Hay que acelerar las reformas estructurales que estimulan el crecimiento de la productividad. Entre las políticas que pueden conseguirlo están una mayor flexibilización monetaria por parte del BCE, un euro más débil, algún estímulo fiscal en el núcleo duro, más gasto en infraestructuras que reduzcan los cuellos de botella y faciliten el abastecimiento en la periferia (a ser posible, con una regla de oro para las inversiones públicas) e incrementos salariales por encima de la productividad en el centro para impulsar los ingresos y el consumo.

Por último, dado el volumen insostenible de las deudas públicas y los costes de endeudamiento de varios Estados miembros, no vemos alternativa posible a algún tipo de mutualización de la deuda.

En la actualidad existen varias propuestas de eurobonos. Entre ellas, la que preferimos es la de un Fondo Europeo de Redención que hace el Consejo Alemán de Asesores Económicos, no porque sea la mejor, sino porque es la única capaz de aliviar la inquietud alemana sobre la perspectiva de asumir un riesgo crediticio excesivo.

El FER es un programa provisional que no derivará en un sistema de eurobonos permanentes. Cuenta con los avales suficientes y la antigüedad adecuada, además de tener unas condiciones muy firmes. El principal peligro es que cualquier propuesta que sea aceptable para Alemania supondría tal pérdida de soberanía fiscal para los Estados que sería inaceptable para a periferia de la eurozona, en especial Italia y España.

Ceder parte de la soberanía es inevitable. Sin embargo, existe una diferencia entre federalismo y neocolonialismo, como nos dijo un veterano político en la reunión del NBI en Roma.

Dado el volumen insostenible de las deudas, no vemos alternativa posible a algún tipo de mutualización

Hasta hace poco, la postura de Alemania sobre estas propuestas ha sido siempre negativa. Es comprensible la preocupación alemana sobre el riesgo subjetivo. Será difícil de justificar el hecho de que se ha arriesgado el dinero de los alemanes si en la periferia no se llevan a cabo unas reformas sustanciales. Pero es inevitable que esas reformas tarden aún cierto tiempo. La reforma estructural del mercado de trabajo alemán no fue precisamente un éxito de la noche a la mañana. Por el contrario, la crisis bancaria europea es un riesgo financiero que podría dispararse en cuestión de días.

Los alemanes deben comprender que la recapitalización bancaria, el seguro europeo de depósitos y la mutualización de la deuda no son opcionales. Son medidas esenciales para evitar una desintegración irreversible de la unión monetaria europea. Si todavía no están convencidos, deben entender que los costes de la ruptura de la eurozona serían astronómicos, para Alemania tanto como para el resto del mundo.

Al fin y al cabo, la prosperidad actual de Alemania es en gran parte una consecuencia de la unión monetaria. El euro ha dado a los exportadores alemanes un tipo de cambio mucho más competitivo que el viejo marco. Y el resto de la eurozona sigue siendo el destino del 42% de las exportaciones alemanas. Sumir a la mitad de ese mercado en una depresión no puede ser beneficioso para Alemania.

A la hora de la verdad, como reconoció la canciller Merkel la semana pasada, la unión monetaria siempre tuvo implícita en ella una mayor integración en una unión fiscal y política.

Pero antes de que Europa piense en dar este paso histórico, debe demostrar que ha aprendido las lecciones del pasado. La UE se creó para no repetir los desastres de los años treinta. Ya es hora de que los dirigentes europeos —y en especial los alemanes— sean conscientes de que están peligrosamente cerca de caer en ello.

Niall Ferguson es catedrático de la Universidad de Harvard; su último libro es Civilización: Occidente y el resto. Nouriel Roubini es catedrático en la Universidad de Nueva York y presidente de Roubini Global Economics. Ambos son miembros del Consejo para el Futuro de Europa del Nicolas Berggruen Institute.

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