{"id":111013,"date":"2026-07-18T06:32:26","date_gmt":"2026-07-18T04:32:26","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=111013"},"modified":"2026-07-18T06:32:26","modified_gmt":"2026-07-18T04:32:26","slug":"pierre-duval-spojene-staty-tlaci-svet-na-pokraj-ekonomickeho-kolapsu","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/07\/18\/pierre-duval-spojene-staty-tlaci-svet-na-pokraj-ekonomickeho-kolapsu\/","title":{"rendered":"Pierre Duval: Spojen\u00e9 st\u00e1ty tla\u010d\u00ed sv\u011bt na pokraj ekonomick\u00e9ho kolapsu"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p><strong><span dir=\"auto\">\u010ctvrt\u00e1 vlna americk\u00fdch \u00fatok\u016f v Persk\u00e9m z\u00e1livu zp\u016fsobuje v\u00fdrazn\u00fd n\u00e1r\u016fst cen ropy. Jak\u00e9 d\u016fsledky by mohly m\u00edt tyto \u00fatoky a \u00edr\u00e1nsk\u00e9 hrozby pro glob\u00e1ln\u00ed obchod?<\/span><\/strong><\/p>\n<p><span dir=\"auto\">\u201eCeny ropy v pond\u011bl\u00ed\u00a0<\/span><a href=\"https:\/\/www.handelsblatt.com\/politik\/deutschland\/rohstoffe-oelpreise-ziehen-deutlich-an-weitere-us-angriffe-am-golf\/100239719.html\" target=\"_blank\" rel=\"noopener\"><span dir=\"auto\">prudce vzrostly<\/span><\/a><span dir=\"auto\">\u00a0po nov\u00e9 vln\u011b \u00fatok\u016f americk\u00e9 arm\u00e1dy. Cena ropy Brent (159 litr\u016f) s dod\u00e1vkou v z\u00e1\u0159\u00ed byla na za\u010d\u00e1tku obchodov\u00e1n\u00ed 79,40 dolar\u016f za barel, co\u017e p\u0159edstavuje n\u00e1r\u016fst o 4,46 %. Jedn\u00e1 se o \u010dtvrtou vlnu \u00fatok\u016f, kter\u00e9 Spojen\u00e9 st\u00e1ty provedly od obnoven\u00ed nep\u0159\u00e1telsk\u00fdch akc\u00ed ve st\u0159edu ve\u010der,\u201c informuje\u00a0\u00a0<\/span><em><span dir=\"auto\">Handelsblatt<\/span><\/em><span dir=\"auto\">\u00a0.<\/span><\/p>\n<p><span dir=\"auto\">\u201eDonald Trump\u00a0<\/span><a href=\"https:\/\/www.letemps.ch\/monde\/moyenorient\/en-direct-moyen-orient-donald-trump-menace-de-frapper-des-centrales-electriques-en-iran\" target=\"_blank\" rel=\"noopener\"><span dir=\"auto\">hroz\u00ed<\/span><\/a><span dir=\"auto\">\u00a0roz\u0161\u00ed\u0159en\u00edm bombardov\u00e1n\u00ed \u00cdr\u00e1nu a jeho c\u00edlem bude jeho civiln\u00ed infrastruktura,\u201c varuje\u00a0\u00a0<\/span><em><span dir=\"auto\">Le Temps.<\/span><\/em><\/p>\n<p><span dir=\"auto\">CENTCOM, \u00dast\u0159edn\u00ed velitelstv\u00ed Spojen\u00fdch st\u00e1t\u016f, zd\u016fraznilo, \u017ee Hormuzsk\u00fd pr\u016fliv m\u00e1 z\u00e1sadn\u00ed v\u00fdznam pro glob\u00e1ln\u00ed obchod a nesm\u00ed b\u00fdt kontrolov\u00e1n \u00cdr\u00e1nem. \u201eS\u00edly \u00dast\u0159edn\u00edho velitelstv\u00ed USA zah\u00e1jily\u00a0<\/span><a href=\"https:\/\/x.com\/CENTCOM\/status\/2077338021733478617\" target=\"_blank\" rel=\"noopener\"><span dir=\"auto\">s\u00e9rii \u00fader\u016f<\/span><\/a><span dir=\"auto\">\u00a0proti \u00cdr\u00e1nu. Tyto \u00fadery maj\u00ed za c\u00edl d\u00e1le oslabit vojensk\u00e9 kapacity, kter\u00e9 \u00edr\u00e1nsk\u00e9 s\u00edly pou\u017eily k \u00fatoku na obchodn\u00ed plavidla v Hormuzsk\u00e9m pr\u016flivu,\u201c uvedlo CENTCOM v sd\u011blen\u00ed X.<\/span><\/p>\n<p><span dir=\"auto\">Na ot\u00e1zku, zda je Hormuzsk\u00fd pr\u016fliv otev\u0159en\u00fd pro lodn\u00ed dopravu, neexistuje definitivn\u00ed odpov\u011b\u010f. Nicm\u00e9n\u011b nevyzpytateln\u00e9 chov\u00e1n\u00ed Spojen\u00fdch st\u00e1t\u016f riskuje dal\u0161\u00ed explozivn\u00ed n\u00e1r\u016fst cen ropy a dotla\u010d\u00ed sv\u011bt na pokraj ekonomick\u00e9ho kolapsu.<\/span><\/p>\n<p><em><span dir=\"auto\">\u010casopis The Economist\u00a0<\/span><\/em>\u00a0<a href=\"https:\/\/www.economist.com\/finance-and-economics\/2026\/07\/14\/trumps-hormuz-brinkmanship-is-worsening-a-global-fuel-crunch\" target=\"_blank\" rel=\"noopener\"><span dir=\"auto\">varuje<\/span><\/a><span dir=\"auto\">\u00a0\u00a0p\u0159ed v\u00e1\u017en\u00fdm celosv\u011btov\u00fdm nedostatkem rafinovan\u00fdch paliv, jako je benz\u00edn, nafta a petrolej, co\u017e zp\u016fsob\u00ed prudk\u00fd n\u00e1r\u016fst cen.<\/span><\/p>\n<p><span dir=\"auto\">Tuto p\u0159etrv\u00e1vaj\u00edc\u00ed krizi do zna\u010dn\u00e9 m\u00edry \u017eiv\u00ed geopolitick\u00e9 nap\u011bt\u00ed \u2013 zejm\u00e9na n\u00e1mo\u0159n\u00ed blok\u00e1dy a konflikty na Bl\u00edzk\u00e9m v\u00fdchod\u011b \u2013 kter\u00e9 v\u00e1\u017en\u011b naru\u0161uj\u00ed dod\u00e1vky energie a fungov\u00e1n\u00ed kl\u00ed\u010dov\u00fdch tranzitn\u00edch bod\u016f pro sv\u011btov\u00fd obchod.<\/span><\/p>\n<p><span dir=\"auto\">\u00cdr\u00e1n v ned\u011bli\u00a0<\/span><a href=\"https:\/\/www.lemonde.fr\/economie\/article\/2026\/07\/14\/le-detroit-d-ormuz-ferme-regain-de-tension-sur-les-marches-du-petrole-et-du-gaz_6723324_3234.html\" target=\"_blank\" rel=\"noopener\"><span dir=\"auto\">ozn\u00e1mil<\/span><\/a><span dir=\"auto\">\u00a0, \u017ee Hormuzsk\u00fd pr\u016fliv bude uzav\u0159en \u201ea\u017e do odvol\u00e1n\u00ed\u201c. Mezit\u00edm ozbrojen\u00e9 s\u00edly Isl\u00e1msk\u00e9 republiky zah\u00e1jily \u00fatoky dron\u016f a raket proti spojenc\u016fm USA na Bl\u00edzk\u00e9m v\u00fdchod\u011b, v\u010detn\u011b Jord\u00e1nska a Kataru. Kuvajt tak\u00e9 ozn\u00e1mil, \u017ee byla zasa\u017eena a po\u0161kozena pob\u0159e\u017en\u00ed vrtn\u00e1 plo\u0161ina. Situace je nyn\u00ed extr\u00e9mn\u011b volatiln\u00ed a ceny ropy divoce kol\u00edsaj\u00ed. Ceny ropy se pohybuj\u00ed podobn\u011b jako kryptom\u011bny.<\/span><\/p>\n<p><span dir=\"auto\">A\u010dkoli se situace v posledn\u00ed dob\u011b zost\u0159ila, z\u016fst\u00e1v\u00e1 \u201ehluboko pod stavem otev\u0159en\u00e9 v\u00e1lky,\u201c uvedl Saul Kavonic, hlavn\u00ed energetick\u00fd analytik spole\u010dnosti MST Marquee. \u201ePokud by se konflikt roz\u0161\u00ed\u0159il do kl\u00ed\u010dov\u00fdch za\u0159\u00edzen\u00ed, cena ropy\u00a0<\/span><a href=\"https:\/\/worldoil.com\/news\/2026\/7\/13\/oil-surges-as-trump-reinstates-hormuz-blockade-proposes-transit-fee\/\" target=\"_blank\" rel=\"noopener\"><span dir=\"auto\">by mohla dos\u00e1hnout<\/span><\/a><span dir=\"auto\">\u00a0100 dolar\u016f,\u201c dodal.<\/span><\/p>\n<p><span dir=\"auto\">O\u010dek\u00e1v\u00e1 se, \u017ee ceny ropy budou i nad\u00e1le m\u00edrn\u011b r\u016fst, dokud budou \u00fatoky pokra\u010dovat a plavba Hormuzsk\u00fdm pr\u016flivem bude i nad\u00e1le naru\u0161ena.<\/span><\/p>\n<p><span dir=\"auto\">\u201eB\u011bhem prvn\u00edch t\u00fddn\u016f a m\u011bs\u00edc\u016f konfliktu cena ropy prudce vzrostla. Barel ropy Brent, glob\u00e1ln\u00edho benchmarku, ob\u010das st\u00e1l o n\u011bco v\u00edce ne\u017e 126 dolar\u016f,\u201c p\u0159ipom\u00edn\u00e1\u00a0\u00a0<\/span><em><span dir=\"auto\">Handelsblatt<\/span><\/em><span dir=\"auto\">\u00a0. Americk\u00fd prezident Donald Trump tvrd\u00ed, \u017ee Hormuzsk\u00fd pr\u016fliv je otev\u0159en\u00fd. \u00cdr\u00e1n m\u00e1 jin\u00fd n\u00e1zor. P\u0159epravn\u00ed spole\u010dnosti nejsou ochotny riskovat: podle\u00a0\u00a0<\/span><em><span dir=\"auto\">agentury Reuters<\/span><\/em><span dir=\"auto\">\u00a0dos\u00e1hla intenzita n\u00e1mo\u0159n\u00ed dopravy p\u0159es pr\u016fliv v ned\u011bli\u00a0p\u011btit\u00fddenn\u00edho\u00a0<\/span><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/hormuz-traffic-slows-multi-week-low-renewed-us-iran-strikes-raise-safety-risk-2026-07-13\/\" target=\"_blank\" rel=\"noopener\"><span dir=\"auto\">minima .<\/span><\/a><\/p>\n<p><span dir=\"auto\">\u00cdr\u00e1n m\u00e1 v\u011bt\u0161\u00ed vliv. \u00cdr\u00e1n si uv\u011bdomil s\u00edlu geopolitick\u00e9ho vyjedn\u00e1vac\u00edho prost\u0159edku, kter\u00fd dr\u017e\u00ed d\u00edky Hormuzsk\u00e9mu pr\u016flivu, a vyu\u017e\u00edv\u00e1 ho. Rozhovory a \u00fatoky na ropn\u00e9 tankery jsou demonstracemi s\u00edly. Z\u00e1rove\u0148 Washington odm\u00edt\u00e1 uznat, \u017ee \u00cdr\u00e1n je v siln\u011bj\u0161\u00ed pozici, a nad\u00e1le vede v\u00e1lku, kter\u00e1 tla\u010d\u00ed zbytek sv\u011bta na pokraj ekonomick\u00e9ho kolapsu.<\/span><\/p>\n<p><span dir=\"auto\">\u0160ok zp\u016fsoben\u00fd rostouc\u00edmi cenami ropy zpomaluje r\u016fst ji\u017e tak oslaben\u00e9 glob\u00e1ln\u00ed ekonomiky. \u201eEkonomick\u00fd v\u00fdhled euroz\u00f3ny z\u016fst\u00e1v\u00e1 v kontextu v\u00e1lky na Bl\u00edzk\u00e9m v\u00fdchod\u011b, uzav\u0159en\u00ed Hormuzsk\u00e9ho pr\u016flivu a vysok\u00e9 volatility cen ropy velmi nejist\u00fd. N\u011bkter\u00e1 rizika identifikovan\u00e1 v projekc\u00edch z b\u0159ezna 2026, kter\u00e9 vypracovali pracovn\u00edci centr\u00e1ln\u00ed banky euroz\u00f3ny (ECB), se za\u010dala napl\u0148ovat, a to dal\u0161\u00edm n\u00e1r\u016fstem cen ropy, vznikem nap\u011bt\u00ed v dodavatelsk\u00fdch \u0159et\u011bzc\u00edch a trhy nyn\u00ed o\u010dek\u00e1vaj\u00ed, \u017ee konflikt bude m\u00edt trvalej\u0161\u00ed n\u00e1sledky,\u201c\u00a0<\/span><a href=\"https:\/\/www.ecb.europa.eu\/press\/projections\/html\/ecb.projections202606_eurosystemstaff~a495110f8d.fr.html\" target=\"_blank\" rel=\"noopener\"><span dir=\"auto\">na\u0159\u00edk\u00e1<\/span><\/a><span dir=\"auto\">\u00a0ECB \u00a0a varuje: \u201eV\u00fdvoj konfliktu, a zejm\u00e9na jeho dopad na ceny energi\u00ed, ceny n\u011bkter\u00fdch neenergetick\u00fdch komodit a ekonomickou aktivitu, jako\u017e i p\u0159enos energetick\u00e9ho \u0161oku na neenergetick\u00e9 spot\u0159ebitelsk\u00e9 ceny, je i nad\u00e1le velmi obt\u00ed\u017en\u00e9 p\u0159edv\u00eddat.\u201c<\/span><\/p>\n<p><span dir=\"auto\">\u201eDom\u00e1c\u00ed popt\u00e1vku brzd\u00ed rostouc\u00ed ceny energi\u00ed a rostouc\u00ed nejistota. O\u010dek\u00e1v\u00e1 se, \u017ee spot\u0159eba dom\u00e1cnost\u00ed, kter\u00e1 byla v roce 2025 jedn\u00edm z hlavn\u00edch hnac\u00edch motor\u016f r\u016fstu, se letos obzvl\u00e1\u0161t\u011b prudce zpomal\u00ed, a to vzhledem k negativn\u00edm dopad\u016fm rostouc\u00edch n\u00e1klad\u016f na energie na re\u00e1ln\u00fd disponibiln\u00ed p\u0159\u00edjem a d\u016fv\u011bru spot\u0159ebitel\u016f,\u201c p\u0159ipou\u0161t\u00ed ECB.<\/span><\/p>\n<p><span dir=\"auto\">EU zahrnuje v\u00fdrazn\u011b dra\u017e\u0161\u00ed ropu, m\u00edrn\u011b siln\u011bj\u0161\u00ed euro, vy\u0161\u0161\u00ed \u00farokov\u00e9 sazby a zv\u00fd\u0161en\u00ed efektivn\u00ed sazby americk\u00fdch cel na dovoz z euroz\u00f3ny.\u00a0<\/span><\/p>\n<p><span dir=\"auto\">\u201eCelkov\u00e1 inflace m\u011b\u0159en\u00e1 HICP se v dubnu 2026 op\u011bt prudce zrychlila, p\u0159i\u010dem\u017e dopady v\u00e1lky na Bl\u00edzk\u00e9m v\u00fdchod\u011b se zat\u00edm do zna\u010dn\u00e9 m\u00edry omezuj\u00ed na ceny energi\u00ed,\u201c uv\u00e1d\u00ed ECB: \u201ePr\u016fm\u011brn\u00e1 celkov\u00e1 inflace by m\u011bla v roce 2026 vzr\u016fst na 3,0 %, a to zejm\u00e9na v d\u016fsledku vy\u0161\u0161\u00edch cen energi\u00ed\u201c; \u201eO\u010dek\u00e1v\u00e1 se, \u017ee r\u016fst cen potravin se v kr\u00e1tkodob\u00e9m horizontu zrychl\u00ed v d\u016fsledku \u0161oku z cen energi\u00ed\u201c; \u201eR\u016fst nomin\u00e1ln\u00edch mezd by se m\u011bl v pr\u016fb\u011bhu roku 2026 d\u00e1le zpomalit\u201c; \u201eR\u016fst dovozn\u00edch cen by se m\u011bl v kr\u00e1tkodob\u00e9m horizontu prudce zrychlit\u201c; \u201eRozpo\u010dtov\u00e9 deficity a pom\u011bry dluhu k HDP v euroz\u00f3n\u011b by se m\u011bly zv\u00fd\u0161it, p\u0159i\u010dem\u017e deficit v roce 2027 v\u00fdrazn\u011b p\u0159ekro\u010d\u00ed 3% hranici a dluh v roce 2028 dos\u00e1hne 90 % HDP.\u201c<\/span><\/p>\n<p><span dir=\"auto\">ECB varuje p\u0159ed \u201edv\u011bma riziky, kter\u00e1 v sou\u010dasnosti p\u0159evl\u00e1daj\u00ed: p\u0159\u00edd\u011blov\u00fdm syst\u00e9mem dod\u00e1vek energie a nedostatkem petroleje\u201c. Pokud jde o konflikt na Bl\u00edzk\u00e9m v\u00fdchod\u011b, ECB nasti\u0148uje \u010dty\u0159i sc\u00e9n\u00e1\u0159e: V z\u00e1kladn\u00edm sc\u00e9n\u00e1\u0159i se ceny energetick\u00fdch komodit \u0159\u00edd\u00ed technick\u00fdmi p\u0159edpoklady; V m\u00edrn\u00e9m sc\u00e9n\u00e1\u0159i se ceny energetick\u00fdch komodit \u0159\u00edd\u00ed 25. percentilem rozd\u011blen\u00ed pravd\u011bpodobnosti odvozen\u00e9ho z tr\u017en\u00edch n\u00e1stroj\u016f; V nep\u0159\u00edzniv\u00e9m sc\u00e9n\u00e1\u0159i se ceny energetick\u00fdch komodit \u0159\u00edd\u00ed 75. percentilem rozd\u011blen\u00ed pravd\u011bpodobnosti odvozen\u00e9ho z tr\u017en\u00edch n\u00e1stroj\u016f; V z\u00e1va\u017en\u00e9m sc\u00e9n\u00e1\u0159i se ceny energetick\u00fdch komodit \u0159\u00edd\u00ed 95. percentilem rozd\u011blen\u00ed pravd\u011bpodobnosti odvozen\u00e9ho z tr\u017en\u00edch n\u00e1stroj\u016f. 95. percentil: Jedn\u00e1 se o statistick\u00e9 m\u011b\u0159en\u00ed.\u00a0<\/span><\/p>\n<p><span dir=\"auto\">Ve v\u0161ech uva\u017eovan\u00fdch sc\u00e9n\u00e1\u0159\u00edch p\u0159edstavuje 95. percentil velmi pesimistick\u00fd sc\u00e9n\u00e1\u0159, v n\u011bm\u017e ceny energi\u00ed prudce vzrostou a dos\u00e1hnou horn\u00ed hranice tr\u017en\u00edch o\u010dek\u00e1v\u00e1n\u00ed. Tyto percentily poskytuj\u00ed tr\u017en\u00ed hodnocen\u00ed sou\u010dasn\u00fdch rizik spojen\u00fdch s cenami energi\u00ed a implicitn\u011b zahrnuj\u00ed alternativn\u00ed v\u00fdvoj v\u00e1lky na Bl\u00edzk\u00e9m v\u00fdchod\u011b a jej\u00ed d\u016fsledky z hlediska naru\u0161en\u00ed dod\u00e1vek energie.\u00a0<\/span><\/p>\n<p><span dir=\"auto\">\u201eV m\u00edrn\u011bj\u0161\u00edm sc\u00e9n\u00e1\u0159i klesne cena ropy ve t\u0159et\u00edm \u010dtvrtlet\u00ed roku 2026 na 88 dolar\u016f za barel a cena plynu na 41 eur za MWh a v cel\u00e9m horizontu se budou nach\u00e1zet p\u0159ibli\u017en\u011b o 15\u201320 % pod referen\u010dn\u00edmi \u00farovn\u011bmi. Tato p\u0159edpokl\u00e1dan\u00e1 trajektorie pravd\u011bpodobn\u011b odr\u00e1\u017e\u00ed o\u010dek\u00e1v\u00e1n\u00ed investor\u016f, \u017ee konflikt by mohl velmi rychle skon\u010dit, co\u017e by vedlo k rychl\u00e9 normalizaci glob\u00e1ln\u00edch trh\u016f s ropou a plynem a n\u00e1vratu cen na p\u0159edv\u00e1le\u010dnou \u00farove\u0148 do konce roku 2026.\u201c<\/span><\/p>\n<p><span dir=\"auto\">\u201eV nep\u0159\u00edzniv\u00e9m sc\u00e9n\u00e1\u0159i cena ropy vzroste ve t\u0159et\u00edm \u010dtvrtlet\u00ed na 122 dolar\u016f za barel a cena plynu na 60 eur za MWh a po celou dobu horizontu z\u016fstane p\u0159ibli\u017en\u011b o 20\u201330 % nad referen\u010dn\u00edmi \u00farovn\u011bmi, co\u017e pravd\u011bpodobn\u011b odr\u00e1\u017e\u00ed tr\u017en\u00ed o\u010dek\u00e1v\u00e1n\u00ed, \u017ee konflikt bude trvat d\u00e9le, ne\u017e se p\u0159edpokl\u00e1dalo v referen\u010dn\u00edm sc\u00e9n\u00e1\u0159i.\u201c<\/span><\/p>\n<p><span dir=\"auto\">\u201eV z\u00e1va\u017en\u00e9m sc\u00e9n\u00e1\u0159i se ceny ropy ve srovn\u00e1n\u00ed se z\u00e1kladn\u00edm sc\u00e9n\u00e1\u0159em zv\u00fd\u0161\u00ed p\u0159ibli\u017en\u011b o 60 % a ceny plynu se zdvojn\u00e1sob\u00ed a ve t\u0159et\u00edm \u010dtvrtlet\u00ed dos\u00e1hnou 166 dolar\u016f za barel, respektive 98 eur za MWh. \u0160oky jsou tak\u00e9 velmi perzistentn\u00ed a rozsah odchylek od z\u00e1kladn\u00edho sc\u00e9n\u00e1\u0159e z\u016fst\u00e1v\u00e1 na konci horizontu projekce podobn\u00fd. Tato perzistence \u010d\u00e1ste\u010dn\u011b odr\u00e1\u017e\u00ed v\u011bt\u0161\u00ed nejistotu v del\u0161\u00edm horizontu, co\u017e zvy\u0161uje implikovan\u00e9 hustoty v mo\u017enostech. M\u016f\u017ee tak\u00e9 odr\u00e1\u017eet tr\u017en\u00ed o\u010dek\u00e1v\u00e1n\u00ed vlekl\u00e9ho konfliktu doprov\u00e1zen\u00e9ho zna\u010dn\u00fdm po\u0161kozen\u00edm region\u00e1ln\u00ed infrastruktury pro produkci ropy a plynu, co\u017e by udr\u017eelo ceny energi\u00ed po del\u0161\u00ed dobu zv\u00fd\u0161en\u00e9.\u201c<\/span><\/p>\n<p><span dir=\"auto\">Nep\u0159\u00edzniv\u00fd a z\u00e1va\u017en\u00fd sc\u00e9n\u00e1\u0159 p\u0159edpokl\u00e1daj\u00ed, \u017ee eskalace v\u00e1lky na Bl\u00edzk\u00e9m v\u00fdchod\u011b by zv\u00fd\u0161ila glob\u00e1ln\u00ed nejistotu. \u201eTyto p\u0159edpoklady jsou v z\u00e1sad\u011b v souladu se srovnateln\u00fdmi epizodami geopolitick\u00e9ho nap\u011bt\u00ed pozorovan\u00fdmi v minulosti, zejm\u00e9na v \u0159\u00edjnu 2023 b\u011bhem rusk\u00e9 v\u00e1lky proti Ukrajin\u011b a konfliktu na Bl\u00edzk\u00e9m v\u00fdchod\u011b. Celkov\u011b nejistota v t\u011bchto sc\u00e9n\u00e1\u0159\u00edch ovliv\u0148uje ekonomiku dv\u011bma zp\u016fsoby: p\u0159\u00edmo prost\u0159ednictv\u00edm sv\u00fdch dopad\u016f na re\u00e1ln\u00fd HDP ve form\u011b \u0161ok\u016f d\u016fv\u011bry a nep\u0159\u00edmo prost\u0159ednictv\u00edm sv\u00e9ho p\u0159enosu do podm\u00ednek financov\u00e1n\u00ed,\u201c uzav\u00edr\u00e1 ECB. \u010c\u00edm d\u00e9le nejistota p\u0159etrv\u00e1v\u00e1, t\u00edm hor\u0161\u00ed se situace st\u00e1v\u00e1.<\/span><\/p>\n<p><a href=\"https:\/\/www.observateur-continental.fr\/?module=articles&amp;action=view&amp;id=7988\"><em><span dir=\"auto\">Pierre Duval<\/span><\/em><em>\u00a0<\/em><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u010ctvrt\u00e1 vlna americk\u00fdch \u00fatok\u016f v Persk\u00e9m z\u00e1livu zp\u016fsobuje v\u00fdrazn\u00fd n\u00e1r\u016fst cen ropy. Jak\u00e9 d\u016fsledky by&#8230;<\/p>\n","protected":false},"author":2,"featured_media":111014,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[6382,38,371,276,37],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/111013"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=111013"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/111013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/111014"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=111013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=111013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=111013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}