Hände weg vom ,,Super-Euro"

Vor drei Jahren erblickte die europäische Einheitswährung Euro zum Wechselkurs von 1:1,17 Dollar das Licht der Welt. Dieser Kurs sollte die Preisniveaus auf beiden Seiten des Atlantiks zu dieser Zeit adäquat wiedergeben. Seit damals entwickelte sich der Wechselkurs des Euro in Form einer Achterbahnfahrt. Momentan ist er beinahe wieder an seinem Ausgangspunkt angekommen. Warum behauptet die europäische Wirtschaft aber, der ,,Super-Euro" würde wirtschaftliches Unheil über sie bringen?

Die Antwort darauf ist, dass mit Schuldzuweisungen an den Eurokurs die Aufmerksamkeit vom wahren Grund der europäischen Wirtschaftsmalaise abgelenkt werden kann - einer erstaunlich niedrigen Pro-Kopf-Produktivität. Diese niedrige Produktivität in Europa ist Ausdruck einer relativ simplen statistischen Tatsache, durch welche die relativ hohe Produktivität pro Arbeitsstunde in fataler Weise untergraben wird: Die schwache Einbindung in den aktiven Arbeitsprozess bedeutet, dass es die Europäer auf nur sehr wenige Arbeitsstunden bringen.

In diesem Zusammenhang ist es wichtig, ein paar grundlegende Fakten bezüglich des Euro-Dollar-Wechselkurses klarzustellen, da die öffentliche Debatte zu diesem Thema von - oftmals strategisch gesteuerter - Verwirrung gekennzeichnet ist.

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