Privatvermögen und europäische Solidarität

KÖLN – Ein selten diskutierter, aber entscheidender Faktor in der Debatte über Vermögenstransfers aus dem wirtschaftlich gesünderen europäischen Norden in den von Finanznöten geplagten Süden ist das Verhältnis zwischen Staatsschulden, BIP und privatem Vermögen (finanzielle und nicht-finanzielle Vermögenswerte der privaten Haushalte abzüglich ihrer finanziellen Verbindlichkeiten) – und hier vor allem das Verhältnis von Privatvermögen und BIP in den Ländern der Eurozone.

Obwohl sich die Finanzmärkte aufgrund des Anleihenkaufprogramms der Europäischen Zentralbank doch in erheblichem Maße beruhigten, befinden sich manche europäischen Ökonomien noch immer in Gefahr – wie etwa Italien, Spanien, Griechenland und Portugal – weil sie nicht schnell genug wachsen, um ihre Defizite und den Anstieg ihrer Staatschulden einzudämmen. Die bittere Ironie besteht darin, dass das Verhältnis zwischen Privatvermögen und BIP in manchen Ländern, die Unterstützung von der EZB brauchen und in nördlichen Mitgliedsländern der Eurozone gleich hoch oder höher liegt als in den solventeren Ländern.

Man denke an Italien, wo das Verhältnis zwischen Privatvermögen und Staatsschulden höher ist, als in jedem anderen G-7-Land und etwa 30 bis 40 Prozent höher als in Deutschland. Ebenso weisen Italien und Frankreich ein Verhältnis von eins zu fünf auf, während diese Quote in Spanien – zumindest bevor die Krise das Land mit voller Wucht traf – bei sechs zu eins lag.  Im Gegensatz dazu weist der größte europäische Gläubiger Deutschland lediglich ein Verhältnis von 3,5 zu eins auf.

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