Je načase spravit euro

NEW YORK – Euro sužují strukturální nedostatky. Má sice centrální banku, ale chybí mu centrální pokladna a dohled nad bankovní soustavou se ponechává národním orgánům. Tyto vady o sobě dávají čím dál silněji vědět a zhoršují finanční krizi.

Proces se vší vážností začal po krachu Lehman Brothers, když 12.amp#160;října 2008 evropští ministři financí zjistili, že musí ubezpečit veřejnost, že už nebude připuštěn ani jediný pád dalšího systematicky významného finančního ústavu. Vzhledem kamp#160;neexistenci centrální pokladny úkol připadl národním orgánům. Takové aranžmá vyvolalo okamžitou a prudkou finanční krizi vamp#160;nových členských státech Evropské unie, které se ještě nepřipojily kamp#160;euru. Nakonec to zesílilo napětí i uvnitř eurozóny.

Většinu úvěrů vamp#160;nových členských státech poskytují banky zamp#160;eurozóny a většina dluhů domácností je vyjádřena vamp#160;cizích měnách. Jelikož banky eurozóny se repatriací kapitálu dožadovaly ochrany ve svých domovských zemích, východoevropské měny a trhy samp#160;dluhopisy se ocitly pod tlakem, tamní ekonomiky ochably a ubylo schopnosti domácností splácet dluhy. Banky samp#160;rozsáhlou východoevropskou expozicí zjistily, že jejich bilance se zhoršují.

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