Publication: Defectos de diseño del euro: problemas inherentes al Banco Central Europeo
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2014
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Instituto Complutense de Estudios Internacionales (ICEI)
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Abstract
En medio de la Gran Recesión surgen constantes dudas acerca del diseño de la moneda única europea. El objetivo de este artículo es establecer que problemas sobrevenidos podrían haber sido evitados con un diseño de la moneda o de las instituciones monetarias más eficiente. La mayor parte de omisiones por parte de los diseñadores del Euro vienen de infravalorar el mecanismo de redistribución que puede llegar a suponer el engranaje monetario. No menos importante es su posible uso como transmisor de riesgos tanto del sector privado al público como entre diferentes Estados. Por último se hace alusión a los problemas monetarios derivados y también olvidados por parte del legislador que causan el arbitraje de tipos de interés a diferentes plazos temporales y los excesos de crédito a largo plazo sin mecanismo preventivo que límite su expansión.
In the midst of Great Recession come up in Europe many doubts about the design of the European currency. The aim of this paper is to establish what kind of issues could have been avoided with a more efficient currency and monetary institutions design. Most of these oversights are due to underestimate redistribution function that could carry on through monetary system or the transfer of risk that could happen from private sector to public sector or between different States inside the European Monetary Union. Finally we treat monetary issues derived from interest rate arbitrages between different terms and the long term credit abuse and the inexistence of a mechanism to limit its expansion.
In the midst of Great Recession come up in Europe many doubts about the design of the European currency. The aim of this paper is to establish what kind of issues could have been avoided with a more efficient currency and monetary institutions design. Most of these oversights are due to underestimate redistribution function that could carry on through monetary system or the transfer of risk that could happen from private sector to public sector or between different States inside the European Monetary Union. Finally we treat monetary issues derived from interest rate arbitrages between different terms and the long term credit abuse and the inexistence of a mechanism to limit its expansion.
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Número monográfico: Luces y sombras en la Unión Monetaria Europea
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