{"id":93888,"date":"2025-12-05T00:31:38","date_gmt":"2025-12-04T23:31:38","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=93888"},"modified":"2025-12-04T16:04:29","modified_gmt":"2025-12-04T15:04:29","slug":"philippe-rosenthal-ecb-odmita-garantovat-ukrajine-pujcku-ve-vysi-140-miliard-eur","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/12\/05\/philippe-rosenthal-ecb-odmita-garantovat-ukrajine-pujcku-ve-vysi-140-miliard-eur\/","title":{"rendered":"Philippe Rosenthal: ECB odm\u00edt\u00e1 garantovat Ukrajin\u011b p\u016fj\u010dku ve v\u00fd\u0161i 140 miliard eur"},"content":{"rendered":"
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Evropsk\u00e1 centr\u00e1ln\u00ed banka (ECB) odm\u00edtla garantovat Ukrajin\u011b velkou p\u016fj\u010dku, kter\u00e1 m\u011bla b\u00fdt zaji\u0161t\u011bna zmrazen\u00fdmi rusk\u00fdmi aktivy. Toto rozhodnut\u00ed fakticky ohrozilo cel\u00fd projekt EU na vytvo\u0159en\u00ed mechanismu financov\u00e1n\u00ed reparac\u00ed.<\/span><\/strong><\/p>\n

\u201eECB\u00a0<\/span>odm\u00edt\u00e1 garantovat<\/span><\/a>\u00a0Ukrajin\u011b platbu ve v\u00fd\u0161i 140 miliard eur,\u201c informuje\u00a0\u00a0<\/span>Financial Times<\/span><\/em>\u00a0. Evropsk\u00e1 centr\u00e1ln\u00ed banka se domn\u00edv\u00e1, \u017ee n\u00e1vrh Komise na tuto \u201e\u00fav\u011br na opravu\u201c p\u0159ekra\u010duje jej\u00ed mand\u00e1t.\u00a0<\/span><\/p>\n

Regula\u010dn\u00ed org\u00e1n odm\u00edtl fungovat jako finan\u010dn\u00ed z\u00e1chrann\u00e1 s\u00ed\u0165 pro tento dluh, kter\u00fd m\u011bl b\u00fdt financov\u00e1n z p\u0159ibli\u017en\u011b 200 miliard eur rusk\u00fdch fond\u016f zmrazen\u00fdch v EU, p\u0159edev\u0161\u00edm u spr\u00e1vce Euroclear v Bruselu. Pl\u00e1n po\u010d\u00edtal s vyd\u00e1n\u00edm dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f EU v hodnot\u011b 140 miliard eur v letech 2026\u20132027, p\u0159i\u010dem\u017e tyto prost\u0159edky m\u011bly b\u00fdt p\u0159evedeny do Kyjeva. P\u016fj\u010dka m\u011bla b\u00fdt splacena po kone\u010dn\u00e9m zaplacen\u00ed reparac\u00ed Ruskem.\u00a0<\/span><\/p>\n

Brusel trval na tom, \u017ee se nejedn\u00e1 o konfiskaci, ale o mechanismus \u201ep\u016fj\u010dky na reparace\u201c k financov\u00e1n\u00ed Ukrajiny bez p\u0159\u00edm\u00e9ho dopadu na rozpo\u010dty EU. Aby v\u0161ak byla zaru\u010dena d\u016fv\u011bra trhu, m\u011bl regula\u010dn\u00ed org\u00e1n zas\u00e1hnout jako \u201epoji\u0161\u0165ovna posledn\u00ed instance\u201c.<\/span><\/p>\n

Minul\u00fd m\u011bs\u00edc\u00a0\u00a0<\/span>Continental Observer\u00a0<\/span><\/em>\u00a0uvedl<\/span><\/a>\u00a0\u00a0, \u017ee \u201eEU nev\u00ed, jak naj\u00edt pen\u00edze pro Ukrajinu: pokud Brusel nedok\u00e1\u017ee ukr\u00e1st rusk\u00e1 aktiva, \u010dlensk\u00e9 st\u00e1ty budou muset Kyjevu poskytnout bilater\u00e1ln\u00ed dotace nebo si vz\u00edt spole\u010dnou p\u016fj\u010dku. N\u011bkter\u00e9 zem\u011b se ob\u00e1vaj\u00ed pr\u00e1vn\u00edch krok\u016f ze strany Moskvy, ale von der Leyenov\u00e1 na n\u011b vyv\u00edj\u00ed tlak.\u201c<\/span><\/p>\n

Euronews<\/span><\/em>\u00a0\u00a0pr\u00e1v\u011b informovala, \u017ee Kaja Kallasov\u00e1, vysok\u00e1 p\u0159edstavitelka Evropsk\u00e9 unie pro zahrani\u010dn\u00ed v\u011bci a bezpe\u010dnostn\u00ed politiku,\u00a0\u00a0<\/span>nal\u00e9h\u00e1 na<\/span><\/a>\u00a0\u00a0Belgii, aby vyu\u017eila rusk\u00e9 prost\u0159edky, a to i p\u0159es jej\u00ed neochotu.<\/span><\/p>\n

\u201eSchv\u00e1len\u00ed p\u016fj\u010dky na pov\u00e1le\u010dn\u00e9 reparace na Ukrajin\u011b, kter\u00e1 by vyu\u017eila zmrazen\u00e1 rusk\u00e1 aktiva v Evrop\u011b, d\u00e1 Evropsk\u00e9 unii v\u011bt\u0161\u00ed vliv u jednac\u00edho stolu k ukon\u010den\u00ed rusk\u00e9 invaze,\u201c uvedl Kallas. \u201eTo nepochybn\u011b pos\u00edl\u00ed evropskou pozici v\u016f\u010di Moskv\u011b, to je jasn\u00e9. Mus\u00edme j\u00edt kup\u0159edu,\u201c dodal podle mezin\u00e1rodn\u00edho zpravodajsk\u00e9ho kan\u00e1lu In Europe. Zat\u00edmco diplomat\u00e9 EU usiluj\u00ed o zaji\u0161t\u011bn\u00ed finan\u010dn\u00edch prost\u0159edk\u016f z rusk\u00fdch rezerv, ECB tvrd\u00ed, \u017ee nem\u016f\u017ee n\u00e1sledovat Kallas\u016fv p\u0159\u00edklad a zajistit si rozhodnut\u00ed Kallase a obecn\u011bji Evropsk\u00e9 komise.<\/span><\/p>\n

\u201eP\u016fj\u010dka na reparace je jednou ze t\u0159\u00ed mo\u017enost\u00ed, kter\u00e9 Evropsk\u00e1 komise p\u0159edlo\u017eila k uspokojen\u00ed finan\u010dn\u00edch a vojensk\u00fdch pot\u0159eb Ukrajiny v p\u0159\u00ed\u0161t\u00edch dvou letech,\u201c\u00a0 uv\u00e1d\u00ed\u00a0<\/span>Euronews<\/span><\/em>\u00a0. P\u016fj\u010dku m\u011bla Ukrajina splatit po kone\u010dn\u00e9m zaplacen\u00ed reparac\u00ed Ruskem, \u201eco\u017e jen velmi m\u00e1lo lid\u00ed o\u010dek\u00e1v\u00e1,\u201c poznamen\u00e1v\u00e1 mezin\u00e1rodn\u00ed zpravodajsk\u00fd kan\u00e1l v Evrop\u011b.\u00a0<\/span><\/p>\n

Brusel trval na tom, \u017ee se nejedn\u00e1 o konfiskaci, ale o mechanismus \u201ep\u016fj\u010dky na reparace\u201c k financov\u00e1n\u00ed Ukrajiny bez p\u0159\u00edm\u00e9ho dopadu na rozpo\u010dty EU. Aby se v\u0161ak zajistila d\u016fv\u011bra trhu, o\u010dek\u00e1valo se, \u017ee regula\u010dn\u00ed org\u00e1n zas\u00e1hne jako \u201epoji\u0161\u0165ovna posledn\u00ed instance\u201c.<\/span><\/p>\n

ECB v\u0161ak ji\u017e d\u0159\u00edve varovala, \u017ee jak\u00e9koli opat\u0159en\u00ed, kter\u00e9 by mohlo b\u00fdt vn\u00edm\u00e1no jako odprodej st\u00e1tn\u00edch aktiv, by podkopalo d\u016fv\u011bru v euro a vystavilo Eurosyst\u00e9m rizik\u016fm po\u0161kozen\u00ed reputace. Rada guvern\u00e9r\u016f se na tomto programu odm\u00edtla pod\u00edlet, \u010d\u00edm\u017e projekt zbavila kl\u00ed\u010dov\u00e9 pojistky. Ani ECB, ani Evropsk\u00e1 komise se k v\u011bci zat\u00edm nevyj\u00e1d\u0159ily. Pro p\u0159ipomenut\u00ed, Eurosyst\u00e9m\u00a0\u00a0<\/span>se skl\u00e1d\u00e1 z<\/span><\/a>\u00a0\u00a0Evropsk\u00e9 centr\u00e1ln\u00ed banky (ECB) a n\u00e1rodn\u00edch centr\u00e1ln\u00edch bank \u010dlensk\u00fdch st\u00e1t\u016f Evropsk\u00e9 unie, kter\u00e9 euro p\u0159ijaly.<\/span><\/p>\n

Podle\u00a0\u00a0<\/span>Observateur Continental<\/span><\/em>\u00a0\u00a0se Lucembursko d\u00e1le zdr\u017euje pou\u017e\u00edv\u00e1n\u00ed zmrazen\u00fdch rusk\u00fdch aktiv s odkazem na dvoustrannou investi\u010dn\u00ed dohodu s Moskvou, jej\u00ed\u017e poru\u0161en\u00ed by mohlo v\u00e9st k pr\u00e1vn\u00edm krok\u016fm. Podobnou dohodou je v\u00e1z\u00e1na i Belgie. \u201eVon der Leyenov\u00e1 doporu\u010dila zem\u00edm, aby odstoupily od p\u0159\u00edslu\u0161n\u00fdch dvoustrann\u00fdch investi\u010dn\u00edch smluv, aby omezily tato pr\u00e1vn\u00ed rizika. Kancel\u00e1\u0159 belgick\u00e9ho premi\u00e9ra na \u017e\u00e1dost o koment\u00e1\u0159 nereagovala. Euroclear se tak\u00e9 odm\u00edtl vyj\u00e1d\u0159it,\u201c varoval\u00a0\u00a0<\/span>Observateur Continental<\/span><\/em>\u00a0.<\/span><\/p>\n

Zat\u00edmco Evropsk\u00e1 unie zva\u017euje, jak financovat podporu Ukrajin\u011b, toto odm\u00edtnut\u00ed ECB ohro\u017euje pl\u00e1ny EU.\u00a0<\/span><\/p>\n

BFMTV\u00a0<\/span><\/em>znovu uv\u00e1d\u00ed<\/span><\/a>\u00a0: \u201ePl\u00e1n Evropsk\u00e9 komise stanovil, \u017ee zem\u011b EU poskytnou Ukrajin\u011b z\u00e1ruky na sd\u00edlen\u00ed rizika splacen\u00ed \u00fav\u011bru. \u00da\u0159edn\u00edci, s nimi\u017e\u00a0\u00a0<\/span>FT\u00a0<\/span><\/em>\u00a0d\u011blal rozhovor, v\u0161ak uvedli, \u017ee zem\u011b nebudou schopny finan\u010dn\u00ed prost\u0159edky rychle z\u00edskat, co\u017e by mohlo vyvinout tlak na trhy.\u201c<\/span><\/p>\n

Philippe Rosenthal<\/span><\/em><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Evropsk\u00e1 centr\u00e1ln\u00ed banka (ECB) odm\u00edtla garantovat Ukrajin\u011b velkou p\u016fj\u010dku, kter\u00e1 m\u011bla b\u00fdt zaji\u0161t\u011bna zmrazen\u00fdmi rusk\u00fdmi…<\/p>\n","protected":false},"author":2,"featured_media":93889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[1042,2616,959,327,22],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/93888"}],"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=93888"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/93888\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/93889"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=93888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=93888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=93888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}