Paul Lachine

Hospodářské řízení, jaké EU potřebuje

BRUSEL – Z evropské finanční krize vyplynula dvě ponaučení. Za prvé nelze ničím nahradit včasnou a koordinovanou akci, jakmile se jednotná měna ocitne pod tlakem. A za druhé jsou všechny země eurozóny v podstatě na jedné lodi. Pokud se v ní objeví díra, utopí se všichni.

Rychlejší a sladěnější reakce by bývala mohla omezit dopady krize a tím i její náklady. Evropský fond finanční stability (EFSF), který byl v květnu 2010 narychlo založen s cílem zastavit hnisání, bude zanedlouho schopen vybrat zhruba 500 miliard eur v případě, že kterékoliv další země eurozóny budou čelit vážným problémům s likviditou. A členské státy eurozóny souhlasily, že tento mechanismus finanční stability od roku 2013 zavedou natrvalo, a dokonce že upraví Lisabonskou smlouvu tak, aby předešly jakékoliv právní nejednoznačnosti.

Navzdory tomu všemu se trhy nenechají těmito projevy solidarity v eurozóně přesvědčit. Hodnocení řeckého suverénního dluhu kleslo pod úroveň Egypta. Portugalsko muselo požádat o pomoc EFSF a Mezinárodní měnový fond. Irské banky údajně potřebují dalších 24 miliard eur, aby se udržely nad vodou. A Španělsko dělá, co může, aby se této nákaze vyhnulo.

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