Německo versus euro

BERLÍN – Lidé nebo instituce jsou obvykle voláni před soud, když se něco nepovede a vypukne boj o to, kdo ponese zodpovědnost za škody. Slyšení německého Ústavního soudu, který 11. až 12. června zkoumal právoplatnost takzvaného programu přímých měnových transakcí (OMT) Evropské centrální banky, proto bylo poněkud zvláštní. Boj se zde totiž vede o zdaleka nejúspěšnější opatření měnové politiky za posledních několik desetiletí – a to nejen v Evropě, ale i kdekoliv na světě.

Ohlášení plánu OMT v červenci 2012 snížilo úrokové sazby pro firmy i vlády a vrátilo do zemí postižených krizí tolik potřebný soukromý kapitál, čímž pomohlo zmírnit dopad hluboké recese na okraj Evropy. Zároveň přivedlo zpět nejcennější ze všech aktiv: důvěru v životaschopnost ekonomiky eurozóny a v euro jakožto její měnu.

Nejlepší na tom všem bylo, že žádný z těchto úspěchů nestál ani euro. Stačilo pouhé prohlášení prezidenta ECB Maria Draghiho a jeho rady guvernérů, že udělají „všechno, co bude třeba“, aby odkoupili suverénní dluh členů eurozóny pod podmínkou, že tito členové budou plnit přísná fiskální kritéria. Žádná země proti tomu zatím nevystoupila.

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