Sensibel über den Euro reden

ROM: Eine neue Woche, eine neue Krise für den Euro. Diesmal ist es der Vorsitzende der Europäischen Zentralbank, der im Kreuzfeuer steht. Gleichgültig, was eine Krise verursacht, es ist jetzt nötig, das Schicksal des Euro ohne jeden Unterton von Endzeitstimmung zu diskutieren.

Das Europa der elf Euro-Mitglieder ist ein weitaus geschlosseneres ökonomisches System als irgendeines seiner individuellen Mitgliedsstaaten. Der Großteil der ökonomischen und finanziellen Aktivitäten der elf spielen sich innerhalb des Euro-Gebietes ab. Daher sind, was Vor- und Nachteile angeht, Änderungen des Euro-Wechselkurses für die einzelnen Mitgliedsstaaten der Euro-11 viel unbedeutender als Wechselkursschwankungen außerhalb des Euro-Gebietes.

Das Euro-Gebiet ist externen Einflüssen allerdings nur wenig mehr ausgesetzt, als es bei den Vereinigten Staaten der Fall ist. Im Euro-Gebiet beträgt zum Beispiel das Verhältnis der Exporte zum BSP etwa 17%, in den USA hingegen 12%. Der durchschnittliche Amerikaner kümmert sich nicht großartig um den externen Wert des Dollars, für Europäer jedoch scheint der Wert des Euro eine Frage von Leben und Tod zu sein.

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