Trotz Schulden Oberwasser behalten

LONDON – Seit den 1970er Jahren warnen Ökonomen, dass eine Währungsunion ohne Fiskalunion nicht aufrecht zu erhalten sei. Doch die Entscheidungsträger der Eurozone haben diesen Fingerzeig nicht beherzigt – und nun die Folgen treten immer deutlicher zu Tage. Europa steht daher vor einer schwierigen Entscheidung: entweder man behebt diesen fundamentalen Konstruktionsfehler und bewegt sich in Richtung Fiskalunion oder man schafft die gemeinsame Währung ab.

Letzteres hätte verheerende Folgen. Denn während die Zweckmäßigkeit einer Währungsunion in den 1990er Jahren eventuell noch zu hinterfragen war, würde die Demontage der Eurozone heute in ganz Europa tiefgreifende wirtschaftliche, soziale und politische Turbulenzen auslösen.  Um das zu vermeiden, müssen die politischen Entscheidungsträger in Europa mit der Konzeption und Umsetzung von Strategien beginnen, die darauf abzielen, die Eurozone stärker zu einer Fiskalunion auszubauen.

Natürlich ist eine Fiskalunion wie in den Vereinigten Staaten noch in weiter Ferne und die Verantwortlichen in Europa sollten nicht damit rechnen, so etwas in absehbarer Zeit – oder überhaupt in ihrem Leben -  zu erreichen. Das heißt jedoch nicht, dass die Einführung einer Fiskalunion ein Luftschloss bleiben muss. Kleine Schritte in die richtige Richtung können nun den entscheidenden Unterschied bedeuten. 

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