{"id":12657,"date":"2021-05-21T12:33:26","date_gmt":"2021-05-21T10:33:26","guid":{"rendered":"https:\/\/solunion.com\/?p=12657"},"modified":"2021-05-21T12:46:38","modified_gmt":"2021-05-21T10:46:38","slug":"exceso-de-deuda-publica-en-la-zona-euro-cuando-volveremos-a-los-niveles-precrisis","status":"publish","type":"post","link":"https:\/\/solunion.com\/en\/exceso-de-deuda-publica-en-la-zona-euro-cuando-volveremos-a-los-niveles-precrisis\/","title":{"rendered":"Exceso de deuda p\u00fablica en la zona euro: \u00bfcu\u00e1ndo volveremos a los niveles precrisis?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"12657\" class=\"elementor elementor-12657\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1db0b6c1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1db0b6c1\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;a2e018c&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:&quot;1&quot;,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-12a2a30\" data-id=\"12a2a30\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ee28cb5 elementor-toc--minimized-on-tablet elementor-widget elementor-widget-table-of-contents\" data-id=\"ee28cb5\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;headings_by_tags&quot;:[&quot;h1&quot;,&quot;h2&quot;],&quot;exclude_headings_by_selector&quot;:[],&quot;marker_view&quot;:&quot;numbers&quot;,&quot;no_headings_message&quot;:&quot;No se ha encontrado ning\\u00fan encabezado en esta p\\u00e1gina.&quot;,&quot;minimize_box&quot;:&quot;yes&quot;,&quot;minimized_on&quot;:&quot;tablet&quot;,&quot;hierarchical_view&quot;:&quot;yes&quot;,&quot;min_height&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t\t\t\t<h4 class=\"elementor-toc__header-title\">\n\t\t\t\t\u00cdndice de contenidos\t\t\t<\/h4>\n\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__ee28cb5\" aria-expanded=\"true\" aria-label=\"Abrir la tabla de contenidos\"><i aria-hidden=\"true\" class=\"fas fa-chevron-down\"><\/i><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__ee28cb5\" aria-expanded=\"true\" aria-label=\"Cerrar la tabla de contenidos\"><i aria-hidden=\"true\" class=\"fas fa-chevron-up\"><\/i><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<div id=\"elementor-toc__ee28cb5\" class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<i class=\"elementor-toc__spinner eicon-animation-spin eicon-loading\" aria-hidden=\"true\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1dccb071 elementor-widget elementor-widget-text-editor\" data-id=\"1dccb071\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Frente a la crisis del COVID-19, los gobiernos europeos decidieron r\u00e1pidamente respaldar a los hogares y a las empresas con un apoyo pol\u00edtico sin precedentes. <strong>Esto provoc\u00f3 un exceso de deuda p\u00fablica en la zona euro en 2020. <\/strong><\/p><p>Esta reacci\u00f3n plantea una pregunta clave: \u00bfcu\u00e1nto tiempo tardar\u00e1n los pa\u00edses de la zona euro en eliminar el exceso de deuda ocasionada por la COVID-19? En el siguiente art\u00edculo abordamos las conclusiones del <a href=\"https:\/\/www.eulerhermes.com\/en_GL\/news-insights\/economic-insights\/Eurozone-government-debt-Quo-vadis-from-here.html\">\u00faltimo informe al respecto de Euler Hermes<\/a>, uno de nuestros accionistas. \u00a0<\/p><p><strong>El panorama de la deuda p\u00fablica europea nunca ha sido tan heterog\u00e9neo a nivel de pa\u00edses:<\/strong> siete de ellos (Grecia, Italia, Portugal, Espa\u00f1a, Chipre, Francia y B\u00e9lgica) presentan actualmente una relaci\u00f3n deuda\/PIB cercana o superior al 120% del PIB, el doble del objetivo de deuda de Maastricht. Y hay que tener en cuenta que estos pa\u00edses representan en conjunto m\u00e1s del 50% del PIB de la zona euro.<\/p><h3 style=\"text-align: center;\">Cambio en la deuda p\u00fablica (% del PIB) en algunos pa\u00edses de la zona euro. 2020 VS 2019<\/h3><p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-12660 size-full\" src=\"https:\/\/solunion.com\/wp-content\/uploads\/2021\/05\/Cambio-en-la-deuda-publica-de-paises-de-la-zona-euro.png\" alt=\"Gr\u00e1fico: cambio en la deuda p\u00fablica de pa\u00edses de la zona euro. 2019 VS 2020\" width=\"886\" height=\"299\" srcset=\"https:\/\/solunion.com\/wp-content\/uploads\/2021\/05\/Cambio-en-la-deuda-publica-de-paises-de-la-zona-euro.png 886w, https:\/\/solunion.com\/wp-content\/uploads\/2021\/05\/Cambio-en-la-deuda-publica-de-paises-de-la-zona-euro-300x101.png 300w, https:\/\/solunion.com\/wp-content\/uploads\/2021\/05\/Cambio-en-la-deuda-publica-de-paises-de-la-zona-euro-768x259.png 768w\" sizes=\"(max-width: 886px) 100vw, 886px\" \/><\/p><p>Fuentes: Refinitiv, Allianz Research.<\/p><h2><strong>\u00bfQu\u00e9 ocurrir\u00e1 a corto plazo con la deuda p\u00fablica de la zona euro?<\/strong><\/h2><p>La normalizaci\u00f3n gradual de la pol\u00edtica fiscal vendr\u00e1 de la mano de la recuperaci\u00f3n econ\u00f3mica que se espera a partir del segundo semestre de 2021, <a href=\"https:\/\/solunion.com\/impacto-economico-del-retraso-en-las-vacunas-carrera-contra-reloj-para-salvar-la-economia\/\" target=\"_blank\" rel=\"noopener\">gracias al avance de la vacunaci\u00f3n<\/a>.<\/p><p>A pesar de esta recuperaci\u00f3n del crecimiento del PIB, el ratio de deuda de la zona euro deber\u00eda estabilizarse en torno al 100% en 2021-22. Esto es as\u00ed porque los d\u00e9ficits de los principales Estados miembros seguir\u00e1n siendo elevados. Lo que ocurra despu\u00e9s de 2022 es todav\u00eda una inc\u00f3gnita, puesto que depende de una compleja combinaci\u00f3n de factores, entre los que se incluyen:<\/p><ul><li>Los resultados de las elecciones en los principales Estados miembros de la zona euro (Alemania en septiembre de 2021, Francia en la primavera de 2022 e Italia en 2022)<\/li><li>Las decisiones de inversi\u00f3n y gasto de los gobiernos.<\/li><li>Su voluntad y capacidad para aplicar reformas econ\u00f3micas.<\/li><li>Las presiones del envejecimiento poblacional, las perspectivas de inflaci\u00f3n y la esperada revisi\u00f3n de las normas fiscales de la UE.<\/li><\/ul><h2><strong>\u00bfCu\u00e1ndo volver\u00e1 la zona euro a los niveles de deuda anteriores a la crisis?<\/strong><\/h2><p>La principal conclusi\u00f3n es que, a menos que los pesos pesados de la zona euro, incluyendo a Francia, Espa\u00f1a e Italia, registren aumentos notables en el crecimiento del PIB nominal y\/o mejoren los saldos primarios, <strong>el retorno a los niveles de deuda en relaci\u00f3n con el PIB anteriores a la crisis no se producir\u00e1 antes de 2035.<\/strong><\/p><h3 style=\"text-align: center;\">Din\u00e1mica de la deuda p\u00fablica de la zona euro (%PIB)<\/h3><p><img decoding=\"async\" class=\"aligncenter wp-image-12662 size-full\" src=\"https:\/\/solunion.com\/wp-content\/uploads\/2021\/05\/Dinamica-de-la-deuda-publica-de-la-zona-euro.png\" alt=\"Gr\u00e1fico: din\u00e1mica de la recuperaci\u00f3n de la deuda p\u00fablica de la zona euro hasta 2035\" width=\"886\" height=\"313\" srcset=\"https:\/\/solunion.com\/wp-content\/uploads\/2021\/05\/Dinamica-de-la-deuda-publica-de-la-zona-euro.png 886w, https:\/\/solunion.com\/wp-content\/uploads\/2021\/05\/Dinamica-de-la-deuda-publica-de-la-zona-euro-300x106.png 300w, https:\/\/solunion.com\/wp-content\/uploads\/2021\/05\/Dinamica-de-la-deuda-publica-de-la-zona-euro-768x271.png 768w\" sizes=\"(max-width: 886px) 100vw, 886px\" \/><\/p><p>Fuentes: Refinitiv, Allianz Research.<\/p><p><strong>Adem\u00e1s, esta vuelta a la situaci\u00f3n fiscal habitual ser\u00e1 heterog\u00e9neo en las principales econom\u00edas.<\/strong> Mientras que Alemania volver\u00eda a los niveles de deuda anteriores a la COVID-19 en 2028, otros pesos pesados de la zona euro necesitar\u00edan mucho m\u00e1s tiempo (Francia, 67 a\u00f1os; Italia, 26 a\u00f1os; y Espa\u00f1a, 89 a\u00f1os).<\/p><p><strong>\u00a0<\/strong><\/p><h2><strong>\u00bfCu\u00e1les son las implicaciones para la pol\u00edtica fiscal de la UE en un mundo en el que el 90% podr\u00eda ser el nuevo 60%? <\/strong><\/h2><p>Con el esperado repunte econ\u00f3mico en toda la regi\u00f3n a partir del segundo semestre de 2021, tambi\u00e9n deber\u00eda comenzar la normalizaci\u00f3n de los flujos fiscales. Pero, \u00bfqu\u00e9 es lo normal? <strong>Parece que el impacto de la COVID-19 se seguir\u00e1 sintiendo a largo plazo en las finanzas p\u00fablicas de la regi\u00f3n<\/strong>. Esto, en forma de un sobreendeudamiento persistente, pero tambi\u00e9n reforzando un cambio de paradigma en lo que se refiere a la reflexi\u00f3n sobre las finanzas p\u00fablicas y la pol\u00edtica fiscal.<\/p><p>Por un lado, el fuerte aumento de la deuda p\u00fablica en toda la zona euro ha hecho que la tan esperada revisi\u00f3n de las normas fiscales de la UE -que actualmente est\u00e1n suspendidas hasta 2023- sea a\u00fan m\u00e1s urgente. Con estos pa\u00edses que representan m\u00e1s del 50% del PIB de 2020 y que ahora presentan una relaci\u00f3n deuda\/PIB cercana al 120% del PIB o superior, el objetivo de deuda del 60% de Maastricht ha perdido todo su sentido. Del mismo modo, la regla seg\u00fan la cual la deuda que supere el 60% del PIB debe reducirse a raz\u00f3n de 1\/20 por a\u00f1o ya no puede aplicarse, porque exigir\u00eda que Italia tuviera un super\u00e1vit primario superior al 5% del PIB cada a\u00f1o durante los pr\u00f3ximos 15 a\u00f1os.<\/p><p><strong>El consenso sobre la pol\u00edtica fiscal ha cambiado notablemente desde que se redactaron las normas de Maastricht hace 30 a\u00f1os<\/strong>. Ahora, no toda la deuda se considera mala. Las reformas para impulsar el crecimiento, junto con un impulso de la inversi\u00f3n financiada por la deuda en la educaci\u00f3n y la infraestructura (Italia est\u00e1 liderando el camino) contin\u00faan siendo una necesidad. Del mismo modo, la pol\u00edtica fiscal discrecional se considera ahora clave para amortiguar los choques econ\u00f3micos.<\/p><p>Al no estar previsto un ajuste r\u00e1pido de la posici\u00f3n fiscal, ya que la pol\u00edtica fiscal adopta una perspectiva m\u00e1s a largo plazo, y una funci\u00f3n pol\u00edtica m\u00e1s activa, un \u00edndice de deuda com\u00fan -\u00a1por qu\u00e9 no del 90%! \u2013 ayudar\u00eda a garantizar la solidez de la pol\u00edtica fiscal y la sostenibilidad de la deuda.<\/p><p>Por el contrario, cambios est\u00e9ticos, como separar el exceso de deuda de la COVID-19 del resto de la deuda p\u00fablica, o la cancelaci\u00f3n de la deuda soberana en manos del BCE, no tendr\u00edan impacto de fondo. Tan solo servir\u00edan para socavar la credibilidad de la zona euro.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3ee4fe15 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3ee4fe15\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;fada2ab&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:&quot;1&quot;,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}],&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-6c49210b\" data-id=\"6c49210b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4f52584a elementor-widget elementor-widget-text-editor\" data-id=\"4f52584a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Informe original: Eurozone government debt &#8211; Quo vadis from here?<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-3e0490bd\" data-id=\"3e0490bd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7e541bcd elementor-align-center elementor-widget elementor-widget-button\" data-id=\"7e541bcd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/www.eulerhermes.com\/en_GL\/news-insights\/economic-insights\/Eurozone-government-debt-Quo-vadis-from-here.html\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-internet-explorer\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Accede a la web de Euler Hermes<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Frente a la crisis del COVID-19, los gobiernos europeos decidieron r\u00e1pidamente respaldar a los hogares y a las empresas con un apoyo pol\u00edtico sin precedentes. Esto provoc\u00f3 un exceso de deuda p\u00fablica en la zona euro en 2020.<\/p>\n","protected":false},"author":6,"featured_media":12658,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[301],"tags":[546,545,541],"class_list":["post-12657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-escenario-macroeconomico","tag-deuda-publica","tag-eurozona","tag-zona-euro"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Exceso de deuda p\u00fablica en la zona euro: \u00bfcu\u00e1ndo volveremos a los niveles precrisis? - Solunion, Credit and Surety insurance<\/title>\n<meta name=\"description\" content=\"Conoce m\u00e1s sobre el exceso de deuda p\u00fablica de la zona euro y cu\u00e1nto tardar\u00e1 la regi\u00f3n en recuperar los niveles anteriores a la COVID-19\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/solunion.com\/en\/exceso-de-deuda-publica-en-la-zona-euro-cuando-volveremos-a-los-niveles-precrisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exceso de deuda p\u00fablica en la zona euro: \u00bfcu\u00e1ndo volveremos a los niveles precrisis? 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