Deutschland gegen den Euro

BERLIN – Normalerweise werden Personen oder Organisationen vor Gericht gebracht, wenn irgendetwas schiefgeht und es zum Streit darüber kommt, wer für den Schaden haftet. Daher war die Anhörung vor dem Bundesverfassungsgericht vom 11.-12. Juni zur Prüfung der Rechtmäßigkeit des Programms der so genannten „Outright Monetary Transactions“ (OMT) der Europäischen Zentralbank bemerkenswert. Hier geht der Streit um die erfolgreichste geldpolitische Maßnahme der letzten Jahrzehnte – und zwar nicht nur in Europa, sondern weltweit.

Die Ankündigung des OMT-Programms im Juli 2012 senkte die Zinssätze für Unternehmen und Regierungen gleichermaßen und führte zum Rückfluss dringend benötigten privaten Kapitals in die Krisenländer. Sie half damit, die Auswirkungen der tiefen Rezession auf Europas Peripherie abzumildern. Sie brachte zudem jenen seltensten aller Aktivposten zurück: das Vertrauen in die Überlebensfähigkeit der Wirtschaft der Eurozone und ihrer Währung, des Euro.

Und was das Beste war: Keiner dieser Erfolge hat bisher einen einzigen Euro gekostet. Es war nichts weiter erforderlich als eine bloße Aussage von EZB-Präsident Mario Draghi und seinem EZB-Rat, dass sie tun würden, „was immer nötig ist“, um Staatsanleihen der Euroländer aufzukaufen, sofern diese Länder strenge fiskalische Vorgaben einhielten. Kein Land hat sich bisher gemeldet.

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