Die EZB hat den Bogen überspannt

PRINCETON – Durch die kürzlich erfolgte Entscheidung des deutschen Bundesverfassungsgerichtes, die Klage gegen das so genannte „Outright Monetary Transactions“-Anleihekaufprogramm der Europäischen Zentralbank dem Europäischen Gerichtshof (EuGH) zur Entscheidung vorzulegen, bleibt die Zukunft des Programms ungewiss. Klar ist, dass die wirtschaftlichen Überlegungen – und auch die Politik – hinter dem OMT-Programm Schwachstellen aufweisen.

Das OMT-Programm ist im August 2012 entstanden als monatelang unerbittlich steigende Risikoprämien für spanische und italienische Staatsanleihen das Fortbestehen der Eurozone und die Weltwirtschaft gefährdeten. Um das Vertrauen wiederherzustellen und den Regierungen Zeit für die Verringerung der Kreditaufnahme zu verschaffen, gelobte EZB-Präsident Mario Draghi „alles Notwendige zu tun“, um die Eurozone zu erhalten – und das bedeutete potenziell unbegrenzte Ankäufe von Staatstiteln krisengeschüttelter Mitglieder der Eurozone.

Draghis Ankündigung hat funktioniert und die Risikoprämien in den Krisenländern der Eurozone deutlich sinken lassen. Doch Jörg Weidmann, Präsident der Deutschen Bundesbank und Mitglied des EZB-Rates, hat das OMT-Programm umgehend infrage gestellt und geltend gemacht, dass das Programm über das Mandat der EZB hinausgeht und gegen Artikel 123 des Vertrages von Lissabon verstößt, der die monetäre Staatsfinanzierung verbietet. Bevor das OMT-Programm jemals aktiviert worden ist, hat Weidmann die Angelegenheit vor das Bundesverfassungsgericht gebracht.

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