Ztracení evropští keynesiáni

CAMBRIDGE – Na neduhy eurozóny neexistuje žádný zázračný keynesiánský lék. Velkolepě pomatený argument, že Evropu zabíjí příliš mnoho úsporných opatření, je však dnes stěží překvapivý. Komentátory stravuje politika a cepují každý dohledný terč, zatímco masy namířené proti úsporám zjevně věří, že na složité strukturální problémy existují snadná cyklická řešení.

Těžkosti eurozóny, tvrdím už dlouho, pramení z toho, že finanční a měnová integrace Evropy příliš výrazně předběhla skutečnou politickou, fiskální a bankovní unii. O takovém problému neměl Keynes potuchy, natož aby z něj hledal východisko.

Každá realistická strategie k řešení krize eurozóny musí především zahrnovat rozsáhlé odpisy (odpuštění) dluhů zemí na periferii. V důsledku tamního obrovského celkového dluhu bank a vlád – rozdíl se všude v Evropě rozostřil – je svižný a vytrvalý růst pouhým snem.

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