Paul Lachine

Deutschland muss den Euro verteidigen

NEW YORK: Die Finanzmärkte verabscheuen Ungewissheit; das ist der Grund, warum sie sich jetzt im Krisenmodus befinden. Die Regierungen des Euroraums haben zur Lösung der Eurokrise einige wichtige Schritte in die richtige Richtung unternommen, sind aber offensichtlich nicht weit genug gegangen, um die Märkte zu beruhigen.

Auf ihrer Sitzung am 21. Juli setzten die europäischen Behörden eine Reihe halbherziger Maßnahmen um. Sie etablierten den Grundsatz, dass ihre neue Fiskalvertretung, die Europäische Finanzstabilisierungsfazilität (EFSF), für Solvenzprobleme verantwortlich sein soll, aber sie versäumten es, deren Umfang zu erhöhen. Eine glaubwürdige Fiskalbehörde für den Euroraum wurde so nicht geschaffen. Und der neue Mechanismus wird frühestens im September einsatzbereit sein. In der Zwischenzeit ist die Bereitstellung von Liquidität durch die europäische Zentralbank die einzige Möglichkeit, um einen Kurszusammenbruch der von mehreren europäischen Ländern ausgegebenen Anleihen zu verhindern.

Genauso weiteten die Führer des Euroraums die Kompetenz der EFSF im Umgang mit der Solvenz der Banken aus, aber gingen nicht so weit, die Bankenaufsicht von den nationalen Behörden auf eine europäische Institution zu übertragen. Und sie boten Griechenland ein erweitertes Rettungspaket an, ohne überzeugend darzulegen, dass die Rettung Erfolg haben kann: Sie arrangierten die Beteiligung der Anleihegläubiger am griechischen Rettungspaket, aber von der Regelung profitierten die Banken stärker als Griechenland.

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