Der Euro wird erwachsen

Am 1. Januar feierte der Euro seinen sechsten Geburtstag. Heute blicken wir zurück auf eine Zeit, in der die Europäische Zentralbank erfolgreich eine stabilitätsorientierte einheitliche Währungspolitik für über 300 Millionen Bürger verfolgte.

Das ist eine bemerkenswerte Leistung. Als im Jahr 1993 der Vertrag von Maastricht ratifiziert wurde, bezweifelten viele Menschen, ob die Wirtschafts- und Währungsunion funktionieren würde. Das Ziel des Vertrages wurde zwar weithin als lobenswert anerkannt, seine Realisierung allerdings erst in unbestimmter Zukunft für möglich gehalten. Zur Überraschung vieler zeigte sich Europa fest entschlossen, die Einheitswährung Realität werden zu lassen.

Eine einheitliche Währungspolitik für einen Währungsraum von 11 - und später 12 - Ländern, von denen jedes über eine souveräne nationale Regierung verfügt, war etwas völlig Neuartiges. Würde das mit den autonomen nationalen Haushaltsgesetzen vereinbar sein? Würden nationale Interessen, angesichts des dezentralen Charakters des Systems, die Durchführung der Währungspolitik verzerren?

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