Eurozóna a pošťuchování medvěda

LONDÝN – Selský rozum praví, že při střetu s medvědem by měl člověk ležet bez hnutí tak dlouho, až zvíře ztratí zájem (nebo ho začne pokládat za mrtvého) a nechá ho na pokoji. Existují však různé druhy medvědů, přičemž některé se s vyšší pravděpodobností nechají odstrašit smělou a cílevědomou akcí. Otázka zní, jak zvolit správný přístup, když vám do očí hledí ztělesněná hrůza.

Tento scénář je užitečný při úvahách o eurozóně v době jejího úsilí přežít další kolo zkoušek – počínaje květnovými volbami do Evropského parlamentu. Může eurozóna jednoduše dál dělat mrtvého brouka a doufat, že nenastanou žádné nové šoky, které zhorší její ekonomické zdraví, pokud dokonce neohrozí její přežití?

Někteří lidé zastávají vehementní názor, že i současný přístup mrtvého brouka postačuje k zajištění, aby ekonomika eurozóny dělala víc, než se pouze vyhýbala úpadku. Německé rozhodnutí z posledních tří let umožňovat pouze tak velké faktické a potenciální transfery, aby se předešlo finančnímu krachu, bude z pohledu těchto lidí dostačovat k tomu, aby se eurozóna konečně mohla začít zotavovat z půl desetiletí recese a stagnace.

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