Какой такой кризис евро?

ФРАНКФУРТ. Что такое кризис? Продолжительный экономический спад, высокая и продолжительная безработица, бедность, безудержная инфляция, стремительное падение обменного курса, бюджетный дефицит, высокая стоимость кредитов и политическая дисфункция? Большинство согласятся с тем, что кризис существует, если присутствуют хотя бы некоторые из данных «признаков бедствия». Но, хотя повсеместно считается, что Европейский Союз находится во власти кризиса, присутствует лишь часть данных признаков, да и то лишь в нескольких странах еврозоны.

Итак, почему же кризис еврозоны существует, и что его определяет? Время от времени утверждается, что единая валюта не соответствует потребностям своих стран-членов и что не совместимые с жизнеспособностью экономические различия, в конечном итоге, потребуют отказаться от евро.

Среди наиболее гибельных различий чаще всего называются различия в уровне экономического роста, создания рабочих мест и в уровне безработицы, а также огромная несоразмерность текущих платежных балансов, – причем все из них можно проследить до больших различий в затратах на рабочую силу в расчете на единицу продукции. Осознание подобных различий приводит к значительной надбавке за риск в проблемных странах, что неизбежно оканчивается ускорением оттока капитала в так называемые безопасные гавани.

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