Come titola Il Sole 24 Ore, 19 luglio 2011, Fmi: possibile contagio da crisi debito Eurozona. Serve un approccio federale, sì agli Eurobond, ormai anche il Fondo Monetario Internazionale, al di là dei rapporti tecnici ed economici, punta il dito sulle carenze politiche dell'Europa e dell'Eurozona in particolare.


Dell’interessante rapporto dell’IMF Country Report No. 11/186 (Euro Area Policies: 2011 Article IV Consultation—Lessons from the European - Financial Stability Framework Exercise), meritano di essere citate le conclusioni, che non hanno bisogno di molti commenti, se non forse per il fatto che, al di là dei giri di parole che vengono usati, il problema ridotto nei suoi aspetti essenziali sta nel fare davvero una federazione europea a partire dall’eurozona, altrimenti addio euro ed Europa. Insomma bisogna fare qualcosa di diverso dal "creating coordination institutions at the EU level that overlap, duplicate but that can hardly supersede national authorities".




107. Euro area governance needs to go through an ambitious reform. While the origin of the euro-area fiscal crisis is not the lack of a federal institutional setup with higher redistribution, stabilization and risk-sharing roles, a more federal approach would likely have dampened the contagion of state-level problems within the region, accelerated its resolution and enhanced political coherence overall.

108. While improvements compared to the status quo, current government proposals fall short of what is needed to support the integrity of the euro area. The new policy framework looks somewhat unclear, with no less than three different, partially overlapping, European procedures—for budgets, macroeconomic imbalances and macro-financial stability. This not only calls for a substantial coordination effort across policy areas, but more fundamentally, between the national and supranational authorities. If past is prologue, it is far from certain that inter-governmental agreements will succeed in this huge coordination task, and the Euro Plus Pact seems to be no exception in this respect.

109. For this reason it is expected that the governance model will be in need of reform soon. And euro area members will again be confronted with the uncomfortable, though unavoidable, decision on how much national sovereignty to delegate. No doubt curtailing the powers of governments breaking the rules requires a fundamental political move, possibly expanding the notion of national sovereignty with economic considerations, and requiring legal changes both to the Treaty and the Constitutional laws. Enabling the prevalence of European authority over national institutions (where circumstances so advice) needs, above all, a change in mentality, though some progress has to be acknowledged in the area of regulation and supervision. National authorities need to delegate some power to the center for the sake of the common interest. This is quite different from creating coordination institutions at the EU level that overlap, duplicate but that can hardly supersede national authorities”.