Europa nach Draghis Vorstellungen

PARIS – Zentralbanker sind oftmals stolz auf ihre Langweiligkeit. Nicht so Mario Draghi. Vor zwei Jahren, im Juli 2012, überraschte Draghi, Präsident der Europäischen Zentralbank, alle mit seiner Ankündigung, wonach er „alles tun werde, was nötig” sei, um den Euro zu retten. Die Wirkung war dramatisch. Diesen August nutzte er die jährliche Zusammenkunft von Zentralbankern in Jackson Hole, im amerikanischen Bundesstaat Wyoming, um eine weitere Bombe platzen zu lassen.

Diesmal war Draghis Rede analytischer, aber nicht weniger kühn. Zunächst ergriff er Partei in der aktuellen Debatte über geeignete politische Reaktionen auf die derzeitige Stagnation in der Eurozone. Er betonte, dass neben Strukturreformen auch eine Unterstützung der Gesamtnachfrage erforderlich sei und dass die Gefahr in dieser Hinsicht zu wenig zu tun, wesentlich ausgeprägter sei, als das Risiko, zu viel zu tun.

Zweitens bekräftigte er, dass die EZB bereit sei, ihren Teil zur Förderung der Gesamtnachfrage beizutragen und erwähnte dabei Anleihenkäufe oder quantitative Lockerung als notwendiges Instrument in einer Situation, da die Inflationserwartung unter das offizielle Ziel von 2 Prozent gefallen ist.

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