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Konsequenzen aus der Griechenland-Krise für einen stabileren Euro-Raum

Author

Listed:
  • Bofinger, Peter
  • Feld, Lars P.
  • Schmidt, Christoph M.
  • Schnabel, Isabel
  • Wieland, Volker

Abstract

Der Zusammenhalt des gemeinsamen Währungsraums schien angesichts des deutlichen Rückgangs der Zinsaufschläge seit Sommer 2012 gesichert. Doch der seit Jahresbeginn andauernde Konflikt zwischen der neuen griechischen Regierung und der Eurogruppe hat erneut an den Grundfesten der europäischen Währungsunion gerüttelt. Zwar münden diese Entwicklungen nach aktuellem Sachstand in Verhandlungen für ein drittes umfangreiches Hilfspaket für Griechenland, sodass zumindest die Chance besteht, dass Griechenland die Krise innerhalb der Währungsunion überwinden kann. Dennoch stellt sich mit hoher Dringlichkeit die Frage, ob die bisherigen Reformen des institutionellen Rahmens der Währungsunion ausreichen, um auszuschließen, dass ihr Erhalt in der Zukunft durch ähnliche Entwicklungen erneut gefährdet wird. In den vergangenen Jahren wurden bedeutende Veränderungen des institutionellen Rahmens umgesetzt, insbesondere die Errichtung der Europäischen Bankenunion und des Europäischen Stabilitätsmechanismus (ESM). Dabei wurde die nationale Verantwortung der Euro-Mitgliedstaaten für tragfähige öffentliche Haushalte und internationale Wettbewerbsfähigkeit betont. Auf diesem Weg sind jedoch weitere wichtige Reformschritte erforderlich: Die Bankenunion muss durch die Weiterentwicklung des Abwicklungsregimes und durch Gründung einer eigenständigen Allfinanzaufsicht gestärkt werden. Die Privilegierung von Staatsanleihen in der Bankenregulierung muss beendet werden, und eine konsequente Anwendung von Fiskal- und Insolvenzregeln für Staaten muss Schuldenstände reduzieren sowie die Nicht-Beistandsklausel glaubwürdig machen...

Suggested Citation

  • Bofinger, Peter & Feld, Lars P. & Schmidt, Christoph M. & Schnabel, Isabel & Wieland, Volker, 2015. "Konsequenzen aus der Griechenland-Krise für einen stabileren Euro-Raum," Special Reports / Sondergutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, number 141317.
  • Handle: RePEc:zbw:svrwsg:141317
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    References listed on IDEAS

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