Spanish Central Bank Dominique Faget/Getty Images

Unter dem Radar

MÜNCHEN – Während die Welt sich über Trump, Brexit und Flüchtlinge aufregt, arbeitet die EZB unter der Sichtlinie des öffentlichen Radars beharrlich weiter an ihrem Umschuldungsplan zur Entlastung der überschuldeten Länder der Eurozone, der unter dem Namen QE-Programm bekannt ist.

Das QE-Programm begann im März 2015, ist vorläufig bis zum März 2017 terminiert, soll aber danach noch verlängert werden. Mit frischem Geld kaufen die Notenbanken zunächst für 1740 Milliarden Euro Wertpapiere vom privaten Markt, wovon gut 1400 Milliarden Euro auf die Käufe von Staatspapieren der eigenen Länder entfallen sollen.

Obwohl das QE-Programm scheinbar symmetrisch angelegt ist, weil jede Notenbank in Proportion zur Landesgröße die eigenen Staatspapiere zurückkauft, wirkt es nicht symmetrisch, weil die Staatspapiere der Länder Südeuropas größtenteils aus dem Ausland zurückgekauft werden, wo sie wegen früherer Schuldenexzesse und Leistungsbilanzdefizite liegen.

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