Der Kollateralschaden der Rettungspolitik

MÜNCHEN – Die Eurozone steht im sechsten Jahr der Krise und der Bekämpfung der Krise durch die Rettungsschirme der EZB und der Staatengemeinschaft. Immer stärker griff die Politik in das Marktgeschehen ein und verfing sich im Gestrüpp eines ausufernden Interventionismus, der, wie David Cameron befürchtet, die Eurozone "bis zur Unkenntlichkeit" verändern wird und die marktwirtschaftlichen Grundregeln unseres Wirtschaftssystems verletzt.

Der neueste Schritt, der nun vehement vom französischen Staatspräsidenten Hollande gefordert wird, ist die Manipulation der Wechselkurse durch die Europäische Zentralbank. Hollande ist wegen der rapiden Aufwertung des Euro besorgt. Von Ende Juli 2012 bis Anfang Februar 2013 ist der Preis des Euro von 1,21 Dollar auf 1,36 Dollar gestiegen. Das setzt der angeschlagenen Wirtschaft der südeuropäischen Länder und Frankreichs erheblich zu und unterminiert deren ohnehin lädierte Wettbewerbsfähigkeit.

Durch den billigen Kredit, den der Euro brachte, hatten sich in Südeuropa inflationäre Wirtschaftsblasen gebildet, die mit dem Ausbruch der Finanzkrise platzten. Schlagartig verschlechterten sich die Kreditkonditionen und völlig überteuerte Torsos einst funktionstüchtiger, nun aber von ausländischen Krediten abhängiger Wirtschaftssysteme blieben zurück. Frankreichs Wirtschaft leidet darunter, weil ihre Kunden in Südeuropa in Schwierigkeiten gerieten. Nach einer Studie von Goldman Sachs müsste Frankreich gegenüber dem Durchschnitt der Eurozone um 20% und gegenüber Deutschland um 35% billiger werden, um im Verhältnis zum Ausland die Schuldentragfähigkeit wieder zu erreichen.

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