Warum die Erholung der USA wichtig ist

MAILAND – Es ist zurzeit schwierig, optimistisch in Bezug auf die USA zu sein. Mit Hilfe der wichtigen staatlichen Hilfen in der Krise hat sich der US-Finanzsektor (zumindest teilweise) erholt, während die reale Wirtschaft weiterhin mit hoher Arbeitslosigkeit und beschädigten Bilanzen zu kämpfen hat.

Es überrascht also nicht, dass die US-amerikanische Öffentlichkeit und der Kongress verärgert sind. Im Zentrum dieses Ärgers stehen die massiven und unklugen Boni des Finanzsektors. Daraus folgten regulatorische Reformen, die erstens die Unabhängigkeit der US-amerikanischen Notenbank bedrohten und zweitens eine Steuer auf die Boni erhoben.

Die erste Idee ist schlecht. Die zweite ist vielleicht politisch geboten und birgt unwesentliche fiskalische Vorteile, ihre Auswirkungen auf die Risikofreudigkeit sind allerdings fraglich. Aber die dringend benötigten Strukturreformen zur Begrenzung des Einflusses und der Risiken, die das Finanzsystem regelmäßig auf die reale Wirtschaft – und die öffentlichen Kassen – ausübt, sind zu spät abgearbeitet worden und ihre Aussichten auf Umsetzung sind schwierig abzuschätzen.

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