Los mercados y yo sí

Genevieve Signoret

Draghi el día 18 de noviembre dio un discurso en el cual se ufanó de la credibilidad construida por el BCE en materia de estabilidad de precios y advirtió que es difícil y lento establecer credibilidad y fácil y rápido perderla.

Gaining credibility is a long and laborious process. Maintaining it is a permanent challenge. But losing credibility can happen quickly – and history shows that regaining it has huge economic and social costs.

Krugman lo regaña por insistir en el tema de inflación en este momento. Creo, sin embargo, que más bien intenta advertir a los líderes de la zona del euro que, si no actúan rápido para implementar sus acuerdos, perderán credibilidad. Inmediatamente después de discutir credibilidad,  llama a los gobiernos europeos a implementar sus acuerdos (establecer y mantener credibilidad con los mercados, tal como tuvo que hacer arduamente el BCE y el Bundesbank antes):

But in the euro area there is a third essential element for financial stability and that must be rooted in a much more robust economic governance of the union going forward. In the first place now, it implies the urgent implementation of the European Council and Summit decisions. We are more than one and a half years after the summit that launched the EFSF as part of a financial support package amounting to 750 billion euros or one trillion dollars; we are four months after the summit that decided to make the full EFSF guarantee volume available; and we are four weeks after the summit that agreed on leveraging of the resources by a factor of up to four or five and that declared the EFSF would be fully operational and that all its tools will be used in an effective way to ensure financial stability in the euro area. Where is the implementation of these long-standing decisions?

Nótese que no cuestiona la sabiduría y factibilidad de las medidas pactadas.

Los mercados y yo sí.