Úsporný růst?

WASHINGTON – Reakce německé vlády na výzvu nově zvoleného francouzského prezidenta Françoise Hollandea k prorůstověji orientované politice zněla tak, že na úsporných programech pro eurozónu by se nemělo nic měnit. Opatření na podporu růstu, jako jsou vyšší půjčky od Evropské investiční banky nebo vydání společně krytých projektových dluhopisů na financování konkrétních investic, by se prý spíše měla k těmto programům „přiřadit“.

Mnozí lidé v Německu i jinde tvrdí, že zapotřebí jsou jak úsporné programy, tak i vyšší růst a že větší důraz na růst neznamená zmírnění úsporných opatření. Drama probíhající krize v eurozóně přesunulo těžiště pozornosti na Evropu, avšak otázka, jak tam debata o úsporách a růstu dopadne, má mnohem širší význam, mimo jiné i pro Spojené státy.

Je třeba zdůraznit tři základní body. Za prvé platí, že v situaci charakterizované rozšířenou nezaměstnaností a přebytkem kapacit determinuje krátkodobou výkonnost převážně poptávka, nikoliv nabídka. V členských zemích eurozóny je na národní úrovni možné realizovat pouze fiskální politiku, protože měnovou politiku kontroluje Evropská centrální banka. Takže ano, bezprostřednější růst skutečně vyžaduje pomalejší snižování fiskálních schodků.

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