Die Eurozone: Uneinigkeit macht stark

FLORENZ – Seit Monaten führt eine immer frenetischere und manchmal schon apokalyptische Debatte über das Schicksal des Euro zu fortschreitender globaler Destabilisierung. Kann die gemeinsame europäische Währung überleben? Niemand Geringeres als der ehemalige Vorsitzende der US-Notenbank, Alan Greenspan, hat dies jetzt öffentlich verneint.

Aber angesichts dieser Not erweist sich der Euro als erstaunlich widerstandsfähig. Im Gegensatz zum Sommer 2010 bleibt er auf den Währungsmärkten im Vergleich zum Dollar ziemlich stabil. Diese Stabilität ist verwirrend.

Die Skeptiker haben für ihre Kritik am Euro jede Menge Munition. Die Krisengespräche der europäischen Regierungen und ihre immer neuen, immer komplexeren Maßnahmen sorgen manchmal für eine Beruhigung der Märkte, aber die Welle des Zweifels fließt immer wieder zurück. Die Händler geben sich für einen Tag oder manchmal nur für ein paar Stunden der Illusion von Stabilität hin, was zu einer euphorischen, aber kurzlebigen Rallye an den Finanzmärkten führt. Dann wieder erkennen sie, dass sich nicht viel verändert hat und dass einige Wochen oder Monate später die Probleme verschärft wiederkehren werden.

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