Hegemon wider Willen

NEW YORK – Die Mitgliedsländer der Eurozone haben ihr Recht Geld zu drucken an die Europäische Zentralbank abgetreten und inzwischen liegt auf der Hand, dass dies die Hauptursache für die Eurokrise ist. Weder die Mitgliedsländer − noch die europäischen Behörden − waren sich im Klaren darüber, was diese Abtretung wirklich nach sich ziehen würde.

Als der Euro eingeführt wurde, haben Regulierer zugelassen, dass Banken in unbegrenzter Höhe Staatsanleihen kaufen ohne Eigenkapital bereitzustellen, und die EZB hat alle Staatsanleihen der Eurozone zu gleichen Bedingungen an ihrem Diskontfenster akzeptiert. Das hat  Geschäftsbanken bewogen, Anleihen schwächerer Länder anzuhäufen, um sich ein Paar Extra-Basispunkte zu verdienen, was zu einer Annäherung der Zinssätze in der Eurozone geführt hat. In Deutschland, das mit den Belastungen der Wiedervereinigung zu kämpfen hatte, sind  Strukturreformen durchgeführt worden  und es ist wettbewerbsfähiger geworden. Andere Länder konnten sich mit billigen Krediten im Rücken an Immobilien- und Konsumbooms freuen und haben ihre Wettbewerbsfähigkeit eingebüßt.

Im Jahr 2008 kam es dann zum Zusammenbruch. Regierungen mussten ihre Banken retten. Einige fanden sich in der Position eines Entwicklungslandes wieder, das sich in einer Währung hoch verschuldet hat, über die es keine Kontrolle besitzt. Die unterschiedliche wirtschaftliche Leistungsfähigkeit spiegelte sich in einer Teilung Europas in Gläubigerländer und Schuldnerländer wider.

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