Zeit, den Euro in Ordnung zu bringen

NEW YORK – Der Euro leidet unter strukturellen Defiziten. Er hat eine Zentralbank, aber kein zentrales Finanzministerium, und die Aufsicht über das Bankensystem ist nationalen Behörden überlassen. Der Einfluss dieser Defizite ist immer stärker zu spüren und verschärft die Finanzkrise.

Ernsthaft begann der Prozess nach dem Konkurs von Lehman Brothers, als die europäischen Finanzminister es am 12.amp#160;Oktober 2008 für notwendig erachteten, der Öffentlichkeit zu versichern, dass sie keine anderen systemisch wichtigen Finanzinstitute bankrottgehen lassen würden. Da es kein zentrales Finanzministerium gibt, oblag die Aufgabe den nationalen Behörden. Diese Situation führte zu einer sofortigen und schwerwiegenden Finanzkrise in den neuen Mitgliedsstaaten der Europäischen Union, die den Euro noch nicht eingeführt hatten. Und schließlich verstärkte es die Spannungen innerhalb der Eurozone.

Die meisten Kredite in den neuen Mitgliedsstaaten werden durch Banken der Eurozone bereitgestellt, und die meisten Haushaltsschulden lauten auf ausländische Währungen. Als die Banken der Eurozone versuchten, ihre Heimatländer durch die Rückführung ihres Kapitals zu schützen, gerieten die osteuropäischen Währungen und Anleihenmärkte unter Druck, ihre Wirtschaft gab nach, und die Fähigkeit der Haushalte, ihre Schulden zurückzuzahlen, nahm ab. Banken, die in Osteuropa stark vertreten sind, mussten feststellen, dass ihre Bilanzen Schaden genommen hatten.

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