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.

No comments: