Wie man die Renationalisierung Europas umkehrt

NEW YORK: Die Eurokrise ist in den letzten Monaten nicht abgeflaut; sie hat sich im Gegenteil verschärft. Die Europäische Zentralbank hat es durch ihre langfristige Refinanzierungsoperation (LTRO), bei der den Banken der Eurozone mehr als eine Billion Euro zu einem Prozent Zinsen zur Verfügung gestellt wurden, geschafft, eine sich anbahnende Kreditverknappung abzuwenden. Dies hat die Finanzmärkte erheblich entlastet, und die hierauf folgende Kurserholung hat die grundlegende Verschlechterung der Lage verschleiert; aber dies dürfte nicht mehr lange anhalten.

Die grundlegenden Probleme sind nach wie vor ungelöst; tatsächlich weitet sich die Kluft zwischen Gläubiger- und Schuldnerländern weiter aus. Die Krise ist nun in eine möglicherweise weniger volatile, aber potentiell tödlichere Phase eingetreten.

Zu Beginn der Krise war ein Auseinanderbrechen der Eurozone unvorstellbar: Die auf die gemeinsame Währung lautenden Vermögenswerte und Verbindlichkeiten waren so stark durchmischt, dass dies einen unkontrollierbaren Kollaps verursachen würde. Doch mit Fortschreiten der Krise wurde das Finanzsystem der Eurozone zunehmend entlang nationaler Linien neu geordnet.

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