Dluh bez utonutí

LONDÝN – Ekonomové už od 70. let varují, že měnovou unii nelze udržet bez unie fiskální. Vedoucí představitelé eurozóny se však jejich radou neřídili – a následky vycházejí stále více najevo. Evropa dnes stojí před obtížnou volbou: buď tuto zásadní konstrukční vadu napravit a posunout se směrem k fiskální unii, anebo společnou měnu opustit.

Volba druhé možnosti by měla zničující důsledky. Zatímco v 90. letech se dalo debatovat o tom, zda je vytvoření měnové unie žádoucí, dnes by demontáž eurozóny vyvolala po celé Evropě hluboké hospodářské, sociální a politické otřesy. Aby se čelní evropští představitelé takovému výsledku vyhnuli, musí začít vymýšlet a zavádět strategie zaměřené na přiblížení eurozóny k fiskální unii.

Fiskální unie podobná té, jaká dnes existuje ve Spojených státech, je samozřejmě vzdálenou vyhlídkou, jejíž dosažení by šéfové eurozóny neměli v brzké době – ba ani za svého života – očekávat. To ovšem neznamená, že samotné vytvoření fiskální unie je chimérou. I malé krůčky správným směrem dnes mohou situaci výrazně změnit.

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