Tim Brinton

Oživená debata o evropském federalismu

BRUSEL – Je to stará debata, ale napětí uvnitř eurozóny ji znovu oživilo: může měnová unie přežít bez nějaké formy fiskálního federalismu?

Toto téma trvale znepokojuje investory z celého světa. Držitelé evropských vládních dluhopisů se domnívali, že vědí, co koupili. Jistě, žádný suverénní cenný papír eurozóny neexistoval. Německé, francouzské, španělské, a dokonce i řecké dluhopisy však měly zhruba stejnou úrokovou sazbu, takže byly pokládány za ekvivalentní.

Dnes si investoři uvědomují, že ve skutečnosti nerozuměli tomu, co tyto dluhopisy představují – totiž institucionální konstrukt na pozadí evropské měny. A pokud nás globální finanční krize něčemu naučila, pak je to následující poznatek: nerozumíte-li nějakému finančnímu produktu, neměli byste ho kupovat. Pokud si však investoři skutečně vezmou toto ponaučení k srdci, pak evropská krize zdaleka neskončila.

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