Europas Keynesianer auf verlorenem Posten

CAMBRIDGE – Für die Nöte der Eurozone gibt es kein keynesianisches Wundermittel. Doch das völlig abstruse Argument von heute, wonach übermäßiges Sparen Europa vernichtet, kommt nicht überraschend. Kommentatoren erliegen der Politik und nehmen, wild rudernd, jedes verfügbare Ziel ins Visier, während die breite Masse der Spargegner offenbar glaubt, dass es einfach zyklische Lösungen für schwierige strukturelle Probleme gibt.

Ich argumentiere schon lange, dass die Schwierigkeiten der Eurozone von einer finanz- und geldpolitischen Integration herrühren, die der tatsächlichen Politik-, Fiskal- und Bankenunion zu weit voraus ist. Mit einem derartigen Problem war Keynes nicht konfrontiert und eine Lösung dafür suchte er schon gar nicht. 

In erster Linie muss jede realistische Strategie zur Lösung der Krise in der Eurozone massive Abschreibungen (den Erlass) von Schulden der Peripherie-Länder einschließen. Die enormen Bank- und Staatsschulden dieser Länder – deren Grenzen überall in Europa verschwimmen – lassen rasches nachhaltiges Wachstum zu einem unerfüllbaren Traum werden.

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