Kdy\u017e Emmanuel Macron minul\u00fd t\u00fdden znovu otev\u0159el debatu o spole\u010dn\u00fdch evropsk\u00fdch dluhopisech, reakce z Berl\u00edna a dal\u0161\u00edch hlavn\u011b seversk\u00fdch hlavn\u00edch m\u011bst nep\u0159ekvapila. \u201eNe, d\u011bkujeme,\u201c zn\u011blo stru\u010dn\u011b. Jen\u017ee tentokr\u00e1t by Evropa m\u011bla poslouchat pozorn\u011bji. Francouzsk\u00fd prezident toti\u017e nemluv\u00ed o z\u00e1chran\u011b zadlu\u017een\u00fdch st\u00e1t\u016f, ale o p\u0159e\u017eit\u00ed kontinentu v dob\u011b, kdy se Amerika pod Trumpem m\u011bn\u00ed v nevyzpytateln\u00e9ho partnera a \u010c\u00edna d\u00e1l posiluje svou technologickou p\u0159evahu.<\/p>\n
Macron\u016fv n\u00e1vrh je konkr\u00e9tn\u00ed: spole\u010dn\u00e9 evropsk\u00e9 p\u016fj\u010dky na investice do bezpe\u010dnosti, obrany, klimatu, um\u011bl\u00e9 inteligence a kvantov\u00fdch po\u010d\u00edta\u010d\u016f. Nejde o financov\u00e1n\u00ed b\u011b\u017en\u00fdch rozpo\u010dt\u016f jednotliv\u00fdch zem\u00ed, ale o projekty, kter\u00e9 d\u00e1vaj\u00ed smysl jen na evropsk\u00e9 \u00farovni \u2013 satelitn\u00ed syst\u00e9my, transportn\u00ed kapacity, obrann\u00fd pr\u016fmysl.<\/p>\n
P\u0159esn\u011b tady nar\u00e1\u017e\u00edme na j\u00e1dro probl\u00e9mu. Evropa m\u00e1 rozt\u0159\u00ed\u0161t\u011bn\u00fd obrann\u00fd pr\u016fmysl, co\u017e vede k vy\u0161\u0161\u00edm n\u00e1klad\u016fm, \u0161patn\u00e9 vz\u00e1jemn\u00e9 kompatibilit\u011b a mal\u00fdm v\u00fdrobn\u00edm s\u00e9ri\u00edm. Pokud chce z\u00edskat strategickou autonomii \u2013 po n\u00e1v\u0161t\u011bv\u011b americk\u00e9ho ministra zahrani\u010d\u00ed Marca Rubia u Viktora Orb\u00e1na, kter\u00e1 prob\u011bhla den po Mnichovsk\u00e9 bezpe\u010dnostn\u00ed konferenci \u2013 je jasn\u00e9, \u017ee pot\u0159ebuje investovat do vlastn\u00edch schopnost\u00ed, kter\u00e9 j\u00ed dnes poskytuj\u00ed v\u00fdhradn\u011b Spojen\u00e9 st\u00e1ty.<\/p>\n
Odp\u016frci spole\u010dn\u00e9ho dluhu r\u00e1di varuj\u00ed p\u0159ed mor\u00e1ln\u00edm hazardem a fisk\u00e1ln\u00ed uni\u00ed zadn\u00edmi vr\u00e1tky. Realita je ale jin\u00e1. Program Next Generation EU, kter\u00fd vznikl jako odpov\u011b\u010f na pandemii, uk\u00e1zal, \u017ee spole\u010dn\u00e9 p\u016fj\u010dky nevedou k fisk\u00e1ln\u00ed nezodpov\u011bdnosti. It\u00e1lie, nejv\u011bt\u0161\u00ed p\u0159\u00edjemce t\u011bchto fond\u016f, sn\u00ed\u017eila sv\u016fj rozpo\u010dtov\u00fd deficit rychleji, ne\u017e se \u010dekalo.<\/p>\n
D\u00edky Next Generation EU vyrostl trh s evropsk\u00fdmi dluhopisy z 45 miliard eur v roce 2019 na zhruba 780 miliard eur v sou\u010dasnosti. EU se stala p\u00e1t\u00fdm nejv\u011bt\u0161\u00edm emitentem dluhopis\u016f denominovan\u00fdch v eurech a t\u0159et\u00edm nejv\u011bt\u0161\u00edm emitentem s ratingem AAA na sv\u011bt\u011b. Popt\u00e1vka po t\u011bchto dluhopisech byla siln\u00e1 \u2013 a pr\u00e1v\u011b tady se skr\u00fdv\u00e1 dal\u0161\u00ed argument pro Macron\u016fv n\u00e1vrh.<\/p>\n
V dob\u011b, kdy glob\u00e1ln\u00ed investo\u0159i nerv\u00f3zn\u011b hledaj\u00ed alternativy k dolarov\u00fdm aktiv\u016fm kv\u016fli obav\u00e1m z fisk\u00e1ln\u00ed udr\u017eitelnosti USA a pr\u00e1vn\u00edho st\u00e1tu pod Trumpovou administrativou, m\u00e1 Evropa skute\u010dnou p\u0159\u00edle\u017eitost pos\u00edlit roli eura jako sv\u011btov\u00e9 rezervn\u00ed m\u011bny. Hlubok\u00fd a likvidn\u00ed trh s evropsk\u00fdmi dluhopisy by mohl mobilizovat obrovsk\u00e9 soukrom\u00e9 \u00faspory kontinentu pro dom\u00e1c\u00ed investice \u2013 co\u017e je ostatn\u011b kl\u00ed\u010dov\u00fd c\u00edl pl\u00e1novan\u00e9 Unie \u00faspor a investic.<\/p>\n
Nen\u00ed n\u00e1hoda, \u017ee Evropsk\u00e1 centr\u00e1ln\u00ed banka v \u010dele s Christine Lagarde dlouhodob\u011b podporuje spole\u010dn\u00e9 emise dluhopis\u016f. Podobn\u011b se vyj\u00e1d\u0159il i prezident Bundesbanky Joachim Nagel. Kdy\u017e i n\u011bmeck\u00e1 centr\u00e1ln\u00ed banka uzn\u00e1v\u00e1 v\u00fdhody eurobond\u016f, m\u011blo by to p\u0159im\u011bt politiky v Berl\u00edn\u011b k zamy\u0161len\u00ed.\u00a0<\/p>\n
Podle sou\u010dasn\u00fdch pl\u00e1n\u016f m\u00e1 b\u00fdt \u010d\u00e1st p\u0159\u00ed\u0161t\u00edho sedmilet\u00e9ho rozpo\u010dtu EU vy\u010dlen\u011bna na spl\u00e1cen\u00ed dluhu z Next Generation EU, kter\u00fd za\u010dne b\u00fdt splatn\u00fd od roku 2028. Macron navrhuje tento dluh refinancovat a vytvo\u0159it prostor pro nov\u00e9 p\u016fj\u010dky. Bylo by to mnohem rozumn\u011bj\u0161\u00ed ne\u017e spl\u00e1cet dluh pr\u00e1v\u011b v dob\u011b, kdy Evropa pot\u0159ebuje investovat do sv\u00e9 budouc\u00ed bezpe\u010dnosti a prosperity.<\/p>\n
Odp\u016frci eurobond\u016f maj\u00ed pr\u00e1vo na obavy. Ale m\u011bli by si uv\u011bdomit, \u017ee alternativa \u2013 rozt\u0159\u00ed\u0161t\u011bn\u00e1 Evropa neschopn\u00e1 konkurovat Americe a \u010c\u00edn\u011b \u2013 je mnohem hor\u0161\u00ed. Evropa se mus\u00ed rozhodnout, jestli chce sed\u011bt u stolu, nebo b\u00fdt na j\u00eddeln\u00ed\u010dku. Macron v\u00ed, kterou variantu preferuje. A tentokr\u00e1t by mu Evropa m\u011bla naslouchat.<\/p>\n
Zdroj info: Euractiv.com<\/p>\n
Autor: Josef Ne\u0161tick\u00fd <\/p>\n
Foto: Vytvo\u0159eno um\u011blou inteligenc\u00ed v ChatGPT<\/p>\n","protected":false},"excerpt":{"rendered":"Kdy\u017e Emmanuel Macron minul\u00fd t\u00fdden znovu otev\u0159el debatu o spole\u010dn\u00fdch evropsk\u00fdch dluhopisech, reakce z Berl\u00edna a dal\u0161\u00edch hlavn\u011b…\n","protected":false},"author":2,"featured_media":2566,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[109,108,106,2283],"class_list":{"0":"post-2565","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-evropa","8":"tag-europa","9":"tag-europe","10":"tag-evropa","11":"tag-macron"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/2565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=2565"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/2565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/2566"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=2565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=2565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=2565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}