Barrie Maguire

Wie man den Euro retten kann

BRÜSSEL – Die Europäische Union ist gegenwärtig mit einer Grundsatzfrage konfrontiert. Die Gründer der Europäischen Wirtschafts- und Währungsunion (EWWU) haben noch vor der Einführung des Euro gewarnt, dass die Stabilität der Gemeinschaftswährung durch finanzielle Verschwendung gefährdet werden würde. Die Mitgliedsländer der Eurozone bestanden dennoch darauf, in diesem Bereich ihre volle Hoheit beizubehalten.

Die Lösung für dieses Problem hätte der Stabilitäts- und Wachstumspakt sein sollen, der zusammen mit der so genannten „No-bail-out“-Klausel, die verbietet, dass Mitgliedsländer für die Schulden der anderen einspringen, im Vertrag von Maastricht niedergelegt ist. Letztere sollte für Marktdisziplin sorgen und ersterer die Stabilität der Staatsfinanzen durch die Festlegung einer strikten Grenze für die Höhe der Defizite der Staatshaushalte gewährleisten.

Beide haben sich als vergeblich erwiesen. Der Stabilitäts- und Wachstumspakt hat „übermäßige“ Defizite eindeutig nicht verhindert und die No-bail-out-Klausel hat ihrer ersten Prüfung nicht standgehalten, als europäische Spitzenpolitiker angesichts der Krise in Griechenland am 11. Februar feierlich erklärten, dass die Mitglieder der Eurozone „wenn notwendig entschlossene und koordinierte Maßnahmen ergreifen werden, um die Stabilität des gesamten Währungsraumes sicherzustellen“.

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