Spagna, addio eurobond: Madrid si avvicina a Francia e Germania (e l’Italia rimane più sola)

Un nuovo documento redatto dal Ministero dell’Economia iberico svela il cambio di prospettiva della Spagna: spariti dall’agenda gli Eurobond, la posizione di Madrid è ora a metà tra quella di Parigi e Berlino

Madrid si è allineata alle posizioni moderate di Berlino e Parigi per quel che riguarda le riforme della governance europea. 

Lo dimostra un documento pubblicato recentemente dal Ministero dell’Economia iberico e che delinea la “posiziona della Spagna rispetto al progetto di rafforzamento dell’Unione economico e monetaria” (Uem).

Si tratta di un segnale politico importante perché, nel corso degli ultimi anni, sebbene guidata da un governo conservatore, la Spagna di Mariano Rajoy è stato il Paese Ue con le posizioni più vicine a quelle italiane sul fronte delle riforme della governance e dell’architettura istituzionale europea. Per intenderci, nel 2015 Madrid invocava apertamente l’introduzione degli eurobond: un tabù per qualsiasi esecutivo di destra del Centro e Nord Europa, a testimonianza di quanto le divisioni nord-sud contino più che quelle tradizionali destra-sinistra in questa Ue degli interessi nazionali.

Madrid si è allineata alle posizioni moderate di Berlino e Parigi per quel che riguarda le riforme della governance europea un segnale politico importante perché, nel corso degli ultimi anni, sebbene guidata da un governo conservatore, la Spagna di Mariano Rajoy è stato il Paese Ue con le posizioni più vicine a quelle italiane sul fronte delle riforme della governance e dell’architettura istituzionale europea

Nel dettaglio, il nuovo documento (qui una trattazione su El Mundo, in spagnolo), redatto sotto la supervisione del nuovo Ministro dell’Economia, Roman Escolano (il suo predecessore, De Guindos, è stato nominato vice-presidente della Banca centrale europea il mese scorso), spiega che esistono tre canali attraverso i quali le economie di un’Unione monetaria possono far fronte a degli shock: il canale finanziario, quello dell’unione economica e il canale fiscale. 

Nella nuova impostazione del Ministero spagnolo il rafforzamento del primo canale diventa l’obiettivo prioritario. In soldoni, si tratta del consolidamento dell’Unione bancaria tramite l’istituzione di uno schema di garanzia dei depositi paneuropeo (EDIS) e il rafforzamento del meccanismo unico di risoluzione. È questo il capitolo che deve essere avviato ad una rapida conclusione in occasione del prossimo Consiglio europeo di giugno. Realisticamente, è anche l’unico che – alla luce delle parole caute di Merkel e Macron a Berlino di venerdì scorso e del posizionamento degli Stati dell’area Nord-Baltico di un mese fa – possa vedere una concreta convergenza.
Per quanto riguarda l’integrazione economica, il documento spagnolo menziona (il solito) approccio coordinato nella realizzazione di riforme strutturali finalizzate alla “riduzione dei divari di competitività” tra Paesi e il “rafforzamento del Mercato unico”. Madrid segnala però che questo tipo di coordinamento – che attualmente avviene nel quadro del processo di governance del Semestre europeo – può “essere insufficiente”. Per questo serve un intervento sul fronte “fiscale”, il terzo canale.

Tolto il linguaggio tecnico: gli eurobond sono spariti dall’agenda spagnola e la nuova posizione di Madrid somiglia a una mezza via tra Berlino e Parigi. Che sia quella buona per avanzare da giugno in poi? In ogni caso, è praticamente impossibile che i frutti finali arriveranno prima del 2019.

Secondo Madrid, le politiche fiscali nell’Ue “sono coordinate tramite il Patto di stabilità e crescita, il quale si appoggia sugli stabilizzatori fiscali nazionali”. Si tratta di un arsenale utile a gestire le “fluttuazioni economiche regolari”, ma limitato “in caso di crisi”. Sebbene, gli strumenti nazionali debbano rappresentare “la prima linea di difesa”, serve aggiungere strumenti a livello Uem.

In particolare, vengono proposti: uno schema assicurativo coperto da un fondo inter-statale che possa aiutare i Paesi a coprire spese di natura welfaristica fuori dal comune per periodi limitati di tempo; un nuovo strumento a tutela degli investimenti e della crescita coordinato dalla Banca europea per gli investimenti (Bei) che possa agire a livello pan-europeo qualora una crisi colpisca l’intera Unione monetaria; il rafforzamento del Meccanismo europeo di stabilità (Mes) in funzione di piani di assistenza finanziaria soggetti a condizionalità (vedi Grecia) senza che, però, quest’ultimo sostituisca la Commissione europea per quel che riguarda il monitoraggio regolare (Semestre europeo, di cui sopra).
Nelle conclusioni del documento Madrid esplicita che “l’ordine sequenziale delle riforme è importante”, sebbene queste ultime vadano intese come un pacchetto unico: Unione bancaria nel breve periodo, rafforzamento dell’integrazione economica nel medio e, infine, attivazione di nuovi strumenti fiscali pan-europei. Durante il Consiglio europeo di giugno, i “leader europei dovrebbero avere una discussione di ampio respiro” per trovare un accordo “sull’obiettivo finale” da raggiungere in ottica rafforzamento dell’Uem.

Tolto il linguaggio tecnico: gli eurobond sono spariti dall’agenda spagnola e la nuova posizione di Madrid somiglia a una mezza via tra Berlino e Parigi. Che sia quella buona per avanzare da giugno in poi? In ogni caso, è praticamente impossibile che i frutti finali arriveranno prima del 2019.

 

(Linkiesta, 26.04.2018)

Photo CC Flickr: La Moncloa – Gobierno de España

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