Der Draghi-Put auf dem Prüfstand

CAMBRIDGE – Im Sommer 2012 versicherte Mario Draghi, der Präsident der Europäischen Zentralbank, zu tun, „was immer nötig ist“, um den Euro zu retten, einschließlich des Kaufs „unbegrenzter“ Mengen notleidender Staatsanleihen. Nach dieser Ansage, die auch als „Draghi-Put“ bekannt wurde, gingen die Kreditkosten für Spanien und Italien fast augenblicklich zurück. Es wird weithin angenommen, Draghis Versprechen habe die Eurozone vor der Katastrophe bewahrt – ohne dass die so genannten „vorbehaltlosen Geldtransaktionen“ (outright monetary transactions, OMT) überhaupt jemals durchgeführt wurden.

Dies klingt nach einem gewaltigen Erfolg: Schon die Ankündigung der OMT reichte aus, um die existenzielle Krise der Währungsunion zu beenden. Nach Ansicht des Deutschen Verfassungsgerichts allerdings verletzt diese Maßnahme die Verträge der Europäischen Union – ein Rechtsspruch, der momentan von Europäischen Gerichtshof überprüft wird. Dessen Entscheidung wird wichtige Auswirkungen für die Zukunft der Eurozone haben, da sie festlegen wird, welche Autorität die EZB hat, in einer Schuldenkrise zu intervenieren.

Und trotzdem geht die aktuelle Diskussion über OMT an der Sache vorbei. Statt zu fragen, ob die EZB das Mandat hat, in einer Schuldenkrise zu intervenieren, sollten die EU-Politiker fragen, ob sie dies überhaupt sollte.

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