Die „nackte“ EZB

LONDON – Die Krise in der Eurozone ist nach wie vor ungelöst. Die Besorgnis der Investoren richtet sich nun vor allem auf die Gesundheit der europäischen Banken, von denen viele Großkredite an Griechenland und andere südeuropäische Länder mit ernsthaften Haushaltsproblemen vergeben haben.

Bisher haben Europas Politiker die Wunden nur oberflächlich verarztet. Ein Stabilitätsfonds wurde eingerichtet, allerdings nur vorübergehend. Neue Regelungen zur Überwachung der Haushaltsbilanzen von Mitgliedsländern sind eingeführt worden, doch können sie nichts gegen die angelaufenen ausstehenden Schulden ausrichten. Zudem hat die Europäische Zentralbank damit begonnen, Staatsanleihen – darunter auch griechische – zu Preisen zu kaufen, die deutlich höher liegen als die, die sich auf dem freien Markt durchsetzen würden.

Dieser letzte Schritt der EZB hat hervorgehoben, dass mehrere Fragen über die Struktur der Bank und darüber, wie sie ihre Entscheidungen trifft, ungelöst bleiben. Einige Punkte, die Europas Entscheidungsträger weiter unter den Teppich kehren wollten, wurden nun unsanft aufgedeckt.

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