Nový rok, stejná krize

DAVOS – Opatření zavedená Evropskou centrální bankou loni v prosinci, zejména Dlouhodobá refinanční operace (LTRO), zmírnila problémy evropských bank s likviditou, ale nevyléčila znevýhodnění vysoce zadlužených členských států v oblasti financování. Jelikož vysoké rizikové prémie u státních dluhopisů ohrožují kapitálovou přiměřenost bank, polovičaté řešení nestačí.

Ostatně ono údajné řešení ponechává polovinu eurozóny odsunutou do postavení zemí třetího světa, které se silně zadlužily v cizí měně. Jako ras, který jim vnucuje tuhou fiskální disciplínu, vystupuje namísto Mezinárodního měnového fondu Německo. To vyvolá jak ekonomická, tak politická pnutí, která by mohla zničit Evropskou unii.

Navrhl jsem plán, který by Itálii a Španělsku umožnil refinancovat své dluhy emisí státních pokladničních poukázek při asi 1 %. Nazval jsem jej se vzpomínkou na svého přítele Tomassa Padoa-Schioppu, který jako italský centrální bankéř v 90. letech přispěl ke stabilizaci financí země. Plán je dosti komplikovaný, ale právně i věcně v pořádku. Podrobně jej popisuji ve své nové knize Finanční rozvrat v Evropě a ve Spojených státech.

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