Kommentar Pro: Euro-Bonds sind die richtige Antwort auf den Trump-Schock
Für Europa bietet sich die Chance, den Euro als Leitwährung zu etablieren. Gerade Deutschland kann es sich nicht leisten, auf neue geopolitische Realitäten mit alten Reflexen zu reagieren.
In the current debate surrounding shared European debt, the term "Euro-Bonds" provokes defensive reactions. A neutral approach is necessary, especially now, as the US government under President Donald Trump is undermining financial market confidence. This could enable Europeans to establish the euro as the leading currency. For this to happen, a European capital market union is required, along with an investment instrument that is easily tradable, low-risk, and readily available in sufficient quantities.
With 21 individual country bonds, the individual euro states cannot compete with US Treasuries. However, with Euro-Bonds, they could. The aim is not to create a European superstate, nor to remedy the precarious fiscal situations in Southern Europe at the expense of Germany, as feared during the euro crisis. Instead, there is a chance to use the Trump shock as a catalyst for a sovereign Europe.
IW CEO Michael Hüther's proposal to create an investment union for clearly defined infrastructure, defense, and digitalization projects serves as a discussion basis.
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