¿Qué ha fallado en el Tratado de Maastricht? De hecho, ¿qué nos ha enseñado la Crisis sobre las debilidades de la EMU?.
Incluyo aquí las conclusiones de una reciente presentación del Gobernador del Banco de España.
* The monetary union designed in Maastricht included, in addition to the ECB and the single monetary policy, a relatively loose governance framework for the euro area based, first, on a fiscal discipline device -the Stability and Growth Pact- and, second, on coordination for the remaining economic policies -the Broad Economic Policy Guidelines-. The setup also relied on governments, households and firms being able to internalise the stability patterns required within a monetary union and counted on financial markets penalising those who would not do so.
o What we observed before the crisis, and what we became painfully aware of when it erupted was, however, that public and private agents in some countries did not change their behaviour, that financial markets did not play any disciplining role and that the loose application of the Stability and Growth Pact and the Broad Economic Policy Guidelines rendered them ineffective as stabilisation devices. The Pact and the Guidelines were not strong enough to prevent the accumulation of a series of imbalances.
o We also discovered two other gaps during the crisis: too little attention had been paid to how financial markets work within a monetary union and no crisis management mechanism was available.
* To be stable, the European building needed operational repairs. The stability principles, as conceived in Maastricht, were insufficient and a new culture of stability had to take over.
o The ECB acted on several occasions to curb the so-called "tail risks" - the risk of the monetary union breaking up - and to gain the time needed for others' actions to bear fruit. It is worth noting, however, that monetary action can hardly go beyond this as the cracks detected in the building were not of a monetary nature. At the Member State level, fiscal consolidation policies and structural reforms were needed and are being implemented to better accommodate domestic behaviour to the patterns of stability required within a Monetary Union.
* As for euro area governance, a deep process of reform has been undertaken. The Stability and Growth Pact has been strengthened to preserve fiscal stability; and a new procedure - the Macroeconomic Imbalance Procedure - has been established to prevent the accumulation of other non-fiscal imbalances. Also, the European Stability Mechanism and the banking union process have filled in two serious gaps.
* To Germany, then. Its economy and its Government have been fundamental in facing and overcoming these risks. Without a German political stance in defence of the Monetary Union and the euro, the single currency would surely not have survived. Obviously, Germany has not acted alone, but as the euro area's leading economy, its role has been crucial.
* I do not believe Germany may be said to have exercised this role reluctantly. In Germany, as in other euro are countries, there were and are forces in disagreement with the Monetary Union, analysts and economic agents who considered the break-up of the euro as likely. But what counts is what the German Government's position was and its support, at key moments, to save the Monetary Union and the euro, its support to the programmes for stressed countries and the Banking Union process.
José Luis Martínez Campuzano
Estratega de Citi en España
José Luis Martínez Campuzano
¿Qué ha fallado en el tratado de Maastrich?
- 1"Iberdrola es el único grande del Ibex que tiene presión compradora clara"
- 2El IBEX Small Cap presenta una robusta estructura alcista
- 3Acciona: inicio de cobertura
- 4La Industria Química española en un momento clave
- 5Positiva reacción de las compras al cierre semanal del viernes
- 6Europa se recupera del amago correctivo de los osos
- 7Buscamos dos oportunidades en los productos químicos europeos