Paul Lachine

Sbohem euru?

MNICHOV – „V ohrožení není euro, nýbrž veřejné finance jednotlivých evropských zemí.“ Tuto větu dnes člověk slýchá všude, ale není pravdivá. Ohroženo je euro samotné, poněvadž země stižené krizí nechávají v posledních letech běžet rotačky na peníze v eurozóně přesčas.

Přibližně 90% refinančního dluhu, který komerční banky ze zemí GIPS (Řecko, Irsko, Portugalsko a Španělsko) mají u svých národních centrálních bank, sloužilo k nákupu čistého přílivu zboží a aktiv z jiných zemí eurozóny. Dvě třetiny všech refinančních půjček uvnitř eurozóny byly poskytnuty v rámci zemí GIPS, a to navzdory faktu, že tyto země produkují jen 18% HDP eurozóny. Deficit běžného účtu těchto států byl v posledních třech letech z 88% financován prostřednictvím úvěrů poskytnutých uvnitř Eurosystému.

Do konce roku 2010 dosáhly půjčky ECB, které vycházely převážně od německé Bundesbanky, celkové výše 340 miliard eur. Toto číslo zahrnuje i úvěr ECB, z něhož se financoval odliv kapitálu z Irska v celkové hodnotě 130 miliard eur během posledních tří let. Sanační program ECB umožnil lidem v zemích na periferii EU pokračovat v životu nad poměry a zámožným držitelům aktiv přenést své bohatství jinam.

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