O extraño caso do ataque á eurozona: de quen é a culpa?

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Óscar Afonso
Universidade do Porto
Portugal
Rui Henrique Alves
Universidade do Porto
Portugal
v. 21 (2012): Crisis in the Eurozone, Articles
DOI: https://doi.org/10.15304/rge.21.Extra.425
Recibido: 10-10-2012 Aceito: 10-10-2012
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Resumo

Nos últimos meses, a eurozona estivo baixo o fogo dos mercados financeiros, sendo os especuladores acusados dunha especie de conspiración cuxo último obxectivo sería a desin-tegración do proxecto europeo de Unión Económica e Monetaria (UEM).Neste artigo discútense as verdadeiras razóns que levaron a esta situación, con especial refe-rencia a catro aspectos cuxo debate se mantén aberto desde comezos dos anos noventa do século XX: a converxencia nominal versus a converxencia real; a necesidade –ou non– de coor-dinar as políticas orzamentarias nacionais; os mecanismos de axuste aos shocks específicos e a teoría das áreas monetarias óptimas; e a necesidade –ou non– para avanzar na consecución da integración política. Utilizando datos sobre o caso de Portugal, evidenciamos que en varios destes temas a construción da UME segue poñendo de manifesto varias deficiencias que están na base da actual situación de inestabilidade. Nese contexto, preséntanse varias suxestións pa-ra fortalecer a zona euro, sobre todo no que respecta ao seu goberno económico.

Palavras-chave:

Euro, UEM, Áreas monetarias óptimas, Estabilización macroeconómica, Unión política.
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