Der Weg aus der Depression

NEW YORK – Die Finanzmärkte stürzen die Welt immer weiter in eine neue große Depression mit unabsehbaren politischen Konsequenzen. Die Regierungen haben die Kontrolle über die Lage verloren, insbesondere in Europa. Sie müssen diese Kontrolle wiedergewinnen, und zwar sofort.

Drei mutige Schritte sind erforderlich. Zuerst müssen sich die Regierungen der Eurozone prinzipiell auf ein Abkommen über eine neue, gemeinsame europäische Finanzbehörde einigen. In der Zwischenzeit müssen die Großbanken unter die Regie der Europäischen Zentralbank gestellt werden, wofür sie im Gegenzug eine zeitlich begrenzte Garantie und dauerhafte Rekapitalisierung erhalten. Drittens muss die EZB Ländern wie Italien und Spanien eine temporäre Refinanzierung ihrer Schulden zu sehr geringen Kosten ermöglichen.

Diese Schritte würden die Märkte beruhigen und Europa Zeit für eine Wachstumsstrategie verschaffen, ohne die das Schuldenproblem nicht gelöst werden kann. Die Wichtigkeit einer solchen Wachstumsstrategie darf nicht unterschätzt werden, da die Schuldenlast – das Verhältnis zwischen Schulden und jährlichem BIP – teilweise von der Wachstumsrate der Wirtschaft abhängt.

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