In a post apparso lunedì sul suo blog, Antonio Martino ha ripreso, a proposito del piano di salvataggio approvato dai governi europei nel weekend e sui rischi che questo potrebbe comportare per l'euro, una citazione di Luigi Einaudi. Scriveva il grande economista e politico, auspicando l'adozione di una moneta unica continentale:
Il vantaggio del sistema non sarebbe solo di conteggio e di comodità nei pagamenti e nelle transazioni interstatali. Questo sarebbe piccolo in confronto di un altro di gran lunga superiore, che è l’abolizione della sovranità monetaria dei singoli Stati in materia monetaria. Chi ricorda il malo uso che molti Stati avevano fatto e fanno del diritto di battere moneta non può aver dubbio rispetto urgency to remove them that right, it was reduced, in essence, the right to falsify the coin, namely the right to impose on the peoples of the worst taxes. If the European Federation will be able to remove the individual federal states can meet the public works by the press of moan and compel them to provide tickets only with taxes or by loans volunteers have done great work for that reason alone.
Subtract the national central banks, sometimes too servile to the government, the ability to print money to cover the inefficiencies of the political class, Einaudi hoped, would have favored economic policies virtuous. Or, at least, would have removed un'abusata fig leaf to the most casual.
The risk of the European strategy launched in recent days is just to destroy the effectiveness of that instrument that, in fact, in past years have beneficial effects for those living with the ruling classes in a more widespread and severe congenital inability to manage budget. One in all, ours.
buy the European Central Bank doing the junk bonds of the countries with the accounts in bankruptcy - today Greece, Spain and Portugal tomorrow and then, sooner than we imagine, Italy - comes up again, a macro-regional level, the circle in a vicious circle that has tied much in past decades the Bank of Italy to the governments of Italy. However, if you sterilize its intervention to reduce the effects of inflation, the ECB will Bund yield and deteriorate the quality of the portfolio.
Besides, the European plan of 750 billion, which attacks the debt creating other debts, is symptomatic of the way of thinking and conceiving the problems of many leaders of the old continent. In this way, you risk overloading the entire audience of public debt in the euro of taxpayers and to encourage opportunistic behavior by those states that although a risk situation, rather than start down the road to recovery will prefer to rely on ' assistance Europeans viewed too big to fail. Above all, it is likely to continue not to understand that the root of the problem lies in the states and their budgets. Instead of blaming speculation, the rulers think to make ends meet. Or sooner or later Jovanotti could dedicate a song to them .
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