Paul Lachine

Dělá Evropa všechno špatně?

BARCELONA – Státy takzvané „periferie“ eurozóny (Řecko, Španělsko, Portugalsko, Irsko a případně další) musí uskutečnit dodatečné korekce, o nichž se často diskutuje zvlášť, ale ve skutečnosti je třeba se do nich pustit společně. Aby se tyto ekonomiky vrátily k dobrému zdraví, jsou nutné tři typy korekcí: mezi eurozónou a světem, mezi okrajem eurozóny a jejím jádrem a mezi dluhem a příjmem v silně zadlužených periferních zemí, zejména v Řecku.

Řešení jsou ve všech těchto případech jasná, stejně jako je jejich realizace složitá. Zaprvé, aby se zmírnil tlak na země na periferii (alespoň částečně), eurozóna musí část potřebných korekcí exportovat výraznou devalvací eura, k níž už dochází. To představuje korekci mezi eurozónou a světem.

Zadruhé, aby se obnovila konkurenční schopnost, korekce mezi periferií eurozóny a jejím jádrem vyžaduje odstranění inflační rozdílnosti, která se vyvinula během zlaté éry kapitálových toků před rokem 2008. V zemích, jako je Řecko a Španělsko, se od zavedení eura vyšplhala zhruba na 14 % HDP.

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