Konec fiskální svrchovanosti v Evropě

MILÁN – Nebožtík Milton Friedman prohlásil, že společnou měnu – tedy měnovou unii – nelze udržet bez hluboké hospodářské a politické unie. Měl tím na mysli otevřenou ekonomiku, která zajišťuje volný pohyb zboží, pracovních sil a kapitálu, spojenou s disciplinovaným centrálním fiskálním úřadem a silnou centrální bankou. Dva posledně jmenované orgány jsou pilíři silné měny. Pracují v tandemu. Ostatní součásti ale nejsou o nic méně důležité.

Eurozóna, zápolící v současnosti s fiskální nevyvážeností a rizikem svrchovaného zadlužení, má sice silnou a nezávislou centrální banku, ale fiskálně je roztříštěná a politicky jen zčásti sjednocená.

Na scénu vstoupila Maastrichtská smlouva, která teoreticky vynucuje fiskální kázeň, neboť zavádí meze vládních deficitů a hladin zadlužení – zřetelně jde o konstrukci vybudovanou tak, aby zamezovala parazitování na fiskální disciplině ostatních. Záměrem Maastrichtské smlouvy tedy bylo předejít situaci, jakou dnes vidíme v Řecku.

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