Ruce pryč od ,,super-eura"

Před třemi lety byla zavedena jednotná evropská měna euro v kurzu 1:1,17 USD, který se pravděpodobně považoval za odraz tehdejších příslušných cenových hladin na obou březích Atlantiku. Měnový kurz eura od té doby zažil projížďku na horské dráze. Dnes se vrátil téměř přesně na svou výchozí úroveň. Proč tedy členové evropské obchodní komunity tvrdí, že ,,super-euro" přivolává na jejich hlavy kalamitu?

Odpověď je taková, že obviňování eura je snadný způsob, jak odvrátit pozornost od skutečné příčiny evropské hospodářské malátnosti: překvapivě nízké úrovně produktivity na hlavu. Evropská nízká produktivita odráží prostý statistický fakt, který osudně podemílá relativně vysokou produktivitu na jednu odpracovanou hodinu: slabá účast v aktivní pracovní síle znamená, že Evropané odpracují velmi málo hodin.

Je třeba ujasnit si několik základních faktů vztahujících se k měnovému kurzu mezi eurem a dolarem, protože jde o záležitost, kde veřejnou debatu prostupuje zmatek, často strategicky vytvářený.

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