Der Euro in einer schrumpfenden Zone

LONDON – Der jüngste EU-Gipfel war eine Katastrophe. Großbritannien und Deutschland haben beide auf das falsche Pferd gesetzt: Der britische Premierminister David Cameron hat Großbritannien von Europa isoliert, und die deutsche Bundeskanzlerin Angela Merkel hat die Eurozone von der Realität isoliert.

Hätte Cameron eine Agenda für Wirtschaftswachstum im Gepäck gehabt, hätte er für etwas Reales gekämpft, hätte es ihm nicht an Verbündeten gefehlt. So aber hat er Merkels Sparprogramm uneingeschränkt akzeptiert – das seine Regierung eigenständig umsetzt – und sich entschieden, ein Veto gegen Vorschläge für einen neuen EU-Vertrag einzulegen, um das Londoner Banken- und Finanzviertel zu schützen. Die Euroskeptiker in Camerons Conservative Party zeigen sich zwar erfreut, aber er hat der tödlichen Arznei nichts entgegengesetzt, die Deutschlands eiserne Lady verordnet hat.

Die Übereinkunft, die in Brüssel erzielt wurde, schließt jegliche Möglichkeit der keynesianischen Nachfragesteuerung im Kampf gegen die Rezession aus. „Strukturelle“ Haushaltsdefizite würden auf 0,5% des BIP begrenzt und mit (bislang nicht genannten) Sanktionen für Verstöße einhergehen.

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