Daniel Vine Garcia/GettyImages

Deutschlands Obsession mit der schwarzen Null

FRANKFURT – Die Europäische Zentralbank ist in Deutschland erheblicher Kritik ausgesetzt, ausgerechnet dem Land, dass die Unabhängigkeit der Notenbank seit Generationen besonders hochgehalten hat. Tatsächlich wurde in erster Linie auf Deutschlands Drängen hin dieser Grundsatz in den Vertrag von Maastricht aufgenommen und damit zur Bedingung für die Mitgliedschaft in der europäischen Währungsunion (EWU).

Für viele Anwärter auf die EWU stellte die Gewährung der Unabhängigkeit ihrer Notenbanken, als unabdingbare Voraussetzung, dagegen einen politischen Systemwechsel dar. In Frankreich etwa war 1992, bei der Volksbefragung anlässlich der Ratifizierung des Maastrichter Vertrags, die damit verbundene Autonomie der Banque de France eines der stärksten Argumente der Kampagne gegen die Einführung des Euro.

Inzwischen ist es jedoch auch in Deutschland gang und gäbe, Druck auf die Notenbank auszuüben. Seit einigen Monaten kommentiert selbst Bundesfinanzminister Wolfgang Schäuble regelmäßig die Geldpolitik der EZB.

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