Das Ende der fiskalischen Souveränität in Europa

MAILAND – Der verstorbene Milton Friedman sagte, dass eine Gemeinschaftswährung – also eine Währungsunion – nicht ohne eine tiefe Form der wirtschaftlichen und politischen Union aufrechterhalten werden könne. Damit meinte er eine offene Wirtschaft, wo der freie Verkehr von Waren, Arbeit und Kapital  sowie eine disziplinierte zentrale Haushaltsbehörde und eine starke Zentralbank gewährleistet sind. Letztere zwei fungieren als Säulen einer starken Währung und arbeiten zusammen. Aber die anderen Faktoren sind nicht weniger wichtig.

Die Eurozone, wo man momentan mit haushaltspolitischen Ungleichgewichten und den Risiken der Staatsverschuldung kämpft, verfügt zwar über eine starke und unabhängige Zentralbank, ist aber haushaltspolitisch fragmentiert und nur zum Teil politisch integriert. 

Man denke an den Vertrag von Maastricht, der den Staaten durch eine Begrenzung der Haushaltsdefizite und Schuldenstände theoretisch Haushaltsdisziplin auferlegt.  Dabei handelt es sich ganz eindeutig um eine Konstruktion, die Trittbrettfahrer auf Kosten der Haushaltsdisziplin anderer verhindert. Maastricht war also dazu gedacht, eine Situation, wie sie aktuell in Griechenland herrscht, zu vermeiden.

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