Sunday, May 9, 2010

LA NECESIDAD DE UN FONDO EUROPEO DE ESTABILIZACION

Es lo que proponen Daniel Gross y Thomas Mayer en el comentario publicado el 7 de Mayo por el Centro para el Estudio de las Políticas Europeas, con el objetivo de conseguir una estabilidad financiera más allá de Grecia.En el mismo también vinculan la crisis bancaria y la de la deuda:
"The key point is simply that a banking crisis tends to become a sovereign debt crisis and viceversa. This poses a particular challenge for the euro area which has an integrated banking market, but where sovereign debt remains national.

A liquidity crisis is in principle a problem for monetary policy and would call for a massive intervention by the European Central Bank. However, the lender of last resort function always falls in the grey zone between monetary and fiscal policy, particularly in a systemic crisis when the border between solvency and liquidity problems is blurred

Moreover, we need to keep in mind that it is true that a liquidity problem postponed is a problem solved but a solvency problem postponed is a problem made intractable. Using the ECB to prop up troubled countries will only magnify the problem over time."
Un comentario europeo sobre el orden del día de la crisis.

Labels:

0 Comments:

Post a Comment

<< Home

Suscribir con Bloglines Creative Commons License
Esta