O relatório de ontem da equipa de economistas do FMI e a resposta da Comissão inspiraram Ambrose Evans-Pritchard, do Telegraph, a escrever um dos mais violentos artigos contra a política europeia, capaz de fazer Olli Rehn (e não só) perder os óculos e a compostura. Aqui deixo pequenos excertos:
“The European Commission defended itself yesterday, saying a debt restructuring in 2010 would have caused havoc in the bond markets and virulent contagion. This is true, but what kind of a defence is that?
Yes, everybody feared a chain-reaction of sovereign defaults reaching Italy and Spain, but this was entirely because the ECB was recklessly refusing to carry out its responsibility as a lender of last resort, the ultimate purpose of any central bank. In doing so, it was endangering the entire global financial system.
You can trace this paralysis to Maastricht and the nature of the ECB mandate, but as the Draghi (OMT) backstop for Italy and Spain has since demonstrated, what it really showed was that a lot of ECB governors were out of their depth, or pursuing naked national agendas, or both, and hiding behind what are in reality very elastic treaty clauses)
What we see is a near perfect exhibit of what is wrong with the European Project. There is no mechanism of accountability. The buck stops nowhere.
I don’t wish to pick on Economics Commissioner Olli Rehn, although one’s patience runs out after listening to the Commission’s retort that the IMF is “plainly wrong”.
Yet Mr Rehn is the titular official in charge. The Troika is “his” baby. If he were the finance minister of a democratic state he would surely have to resign after such blistering demolition of his tenure.
The fact that nobody ever resigns for botched policies in the EU system (Pace, the Santer Commission: the exception that proves the rule) should not deter Mr Rehn from falling on his sword from a high sense of honour. Such a gesture would clear the air, and mark a recognition that the policy formulae of EMU must be swept away to allow for recovery.”
(Na íntegra aqui)