Soud nad Draghiho opcí

CAMBRIDGE – V létě roku 2012 se guvernér Evropské centrální banky Mario Draghi zavázal, že „udělá všechno, co bude třeba“, aby zachránil euro – včetně nákupu „neomezeného“ množství dluhopisů vydaných vládami zasaženými krizí. Tento tah, jenž vešel ve známost jako „Draghiho put opce“, téměř okamžitě snížil náklady na půjčky pro Španělsko a Itálii a sklidil všeobecné uznání jako krok, který vytáhl eurozónu od okraje propasti – aniž se kdy musely použít takzvané „přímé měnové transakce“ (OMT).

Možná to zní jako ohromující úspěch: už pouhé ohlášení plánu OMT stačilo k ukončení existenční krize měnové unie. Podle německého ústavního soudu však tato politika porušuje unijní smlouvy – příslušný nález nyní přezkoumává Soudní dvůr Evropské unie. Jeho rozhodnutí výrazně ovlivní budoucnost eurozóny, neboť bude definovat, jakou – pokud vůbec nějakou – má ECB pravomoc intervenovat v případě dluhové krize.

Přesto současná debata o OMT zásadním způsobem opomíjí podstatu věci. Místo aby se představitelé EU ptali, zda mandát ECB umožňuje bance intervenovat v případě dluhové krize, měli by si klást otázku, zda by to tento mandát umožňovat měl.

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