Die sommerlichen Geschütze von Mario Draghi

WASHINGTON – Der Monat August war in der europäischen Geschichte schon immer ein gefährlicher Monat, aber dieses Jahr könnte er zum Wendepunkt für die Eurozone werden – und vielleicht für die Weltwirtschaft. Am 26. Juli erklärte Mario Draghi, der Präsident der Europäischen Zentralbank, seine Institution würde tun „was immer notwendig“ sei, um den Euro zu erhalten und fügte hinzu: „Glauben Sie mir, es wird reichen“.

Draghis starke und beispiellose Aussage wurde allgemein als ein Signal bewertet, dass die EZB ihr Programm zum Ankauf von Anleihen verstärken und sich dabei besonders auf die spanische Staatsverschuldung konzentrieren werde. In der ganzen Welt schnellten die Aktienkurse in die Höhe. Jens Weidemann von der Bundesbank meldete sofort seine Bedenken an, aber am nächsten Tag verkündeten Bundeskanzlerin Angela Merkel und der französische Präsident François Hollande in einer gemeinsamen Erklärung ihre Entschlossenheit, „alles zu tun, um die Eurozone zu schützen

Ich habe vor kurzem dargelegt, dass die EZB, wenn sie mit dem im Entstehen begriffenen Europäischen Stabilitätsmechanismus (ESM) arbeitet, die einzige Institution ist, die die Eurozone retten kann. Sie könnte dies tun, indem sie italienische und spanische Anleihen auf dem Sekundärmarkt kauft und vorher bereits ankündigt, dass die Zinssätze, die die Staaten dafür zahlen müssen, für eine gewisse Zeit unterhalb einer bestimmten Grenze bleiben.

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