Greece economy Anadolu Agency/Getty Images

Außergewöhnliche Maßnahmen für gewöhnliche Zeiten

MÜNCHEN – Es ist zehn Jahre her, dass die Finanzkrise international wurde. Bis zum Juli 2007 schien es noch, die Hypothekenkrise sei nur ein Problem der Vereinigten Staaten. Aber dann mussten mit der Sächsischen Landesbank und der Deutschen Industriebank (IKB) zwei öffentliche deutsche Regionalbanken gerettet werden, und auf einmal wurde den Politikern klar, wie sehr das globale Finanzsystem inzwischen miteinander verflochten war.

Das Erbe von 2007 treibt uns immer noch um. Am gefährlichsten und zerstörerischsten war dabei die Einführung unkonventioneller geldpolitischer Maßnahmen. Und leider bereiteten die Politiker, als sie vor zehn Jahren auf die Suche nach „schweren Geschützen“ gingen, die Bühne für die Rückkehr eines altbekannten Darstellers: des starken Mannes, der den Finger an den Abzug legt.

Sicherlich hatten die Politiker auf dem Höhepunkt der Finanzkrise recht mit ihrer Ansicht, dass sie nicht einfach so weiter machen konnten wie bisher. Die Zentralbanken mussten enorme Mengen an Liquidität bereitstellen, und die Regierungen mussten ergänzend dazu die Staatshaushalte expandieren. So brachten insbesondere China und die USA 2008 und 2009 riesige Stimulusprogramme ins Rollen.

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