Jeroen Dijsselbloem Aris Messinis/Getty Images

Wer wird Europas Alexander Hamilton?

TILBURG – Vor nicht allzu langer Zeit wurden die Maßnahmen der Europäischen Zentralbank im Allgemeinen noch mit Jubel begrüßt. Doch in letzter Zeit wird die EZB nicht nur von Bankern und Ökonomen, sondern auch von Bürgern und Politikern kritisiert.

Angesichts sinkender Renditen festverzinslicher Wertpapiere werden die Anleger in Aktienengagements gezwungen, die aufgrund der zunehmenden Unsicherheit über die finanzielle und wirtschaftliche Stabilität riskanter und teurer geworden sind. Diese Unsicherheit spiegelt die Tatsache wieder, dass die äußerst niedrigen Zinssätze der EZB in jenen Euroländern mit hohen Defiziten und Schulden dringend nötige Strukturreformen verhindern.

Die große Frage ist nun, ob die aktuelle EZB- Geldpolitik mehr schadet als nutzt. Offizielles Ziel der EZB ist es, ein Inflationsziel von annähernd 2% zu erreichen. Doch trotz massiver Liquiditätsspritzen ist die Inflationsrate in der Eurozone gesunken, was darauf hindeutet, dass in der Realwirtschaft ein Nachfragemangel herrscht. Tatsächlich stagniert die Nachfrage, weil viele Unternehmen keine Investitionen tätigen können, solange sie nicht ihre Schulden zurückgeführt haben.

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