Sarkozy und das große Euro-Unwetter

Je mehr der französische Präsident Nicolas Sarkozy die Europäische Zentralbank und den starken Euro kritisiert, desto mehr wird er in Europas Medien von den europäischen Finanzministern, EU-Beamten und der EZB selbst kritisiert. Die Kritiker haben Recht. Der eigentliche Grund für Frankreichs derzeitige wirtschaftliche Schwäche ist seine mangelnde Wettbewerbsfähigkeit auch in anderen Wirtschaftsräumen der Eurozone, in denen der Euro als Faktor ausscheidet.

Doch hat Sarkozy nicht ganz Unrecht. Über den Devisenmärkten zieht ein gewaltiges Unwetter auf, das droht, den Euro so sehr in die Höhe zu katapultieren, dass selbst Deutschland als erfolgreichster Exporteur der Eurozone auf dem Weltmarkt nicht mehr konkurrenzfähig ist. Wenn die deutschen Exporteure bei 1,50 Euro pro Dollar nicht mehr wettbewerbsfähig sind, wie hoch sind dann die Chancen für die französischen Exporteure?

Der Euro erstarkt aus mehreren Gründen. Ein beschleunigender Faktor ist, dass sich bei der US-Notenbank (Fed) ein dramatischer Sinneswandel bezüglich der Stärke der US-Wirtschaft vollzogen hat. Fed-Chef Ben Bernanke ist nun sehr besorgt, dass die Immobilien- und Hypothekenprobleme der US-Wirtschaft eine Rezession auslösen werden, es sei denn, die Zinssätze werden aggressiv gesenkt, selbst wenn das ein höheres Inflationsrisiko bedeutet.

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