european central bank Bloomberg/Getty Images

Proč jsou centrální banky znovu na paškále?

LONDÝN – Centrální banky v minulé dekádě jely na horské dráze, chvíli hrdinové, chvíli zatracenci a zase zpátky. Dostává se teď jejich štěstěna a reputace do dalšího sešupu?

Když Alan Greenspan po 18letém kralování v křesle předsedy Rady Federálního rezervního systému USA odcházel v roce 2006 do penze, jeho věhlas mohl být sotva větší. Provedl americkou ekonomiku internetovým rozmachem i propadem, pečlivě kormidloval kolem potenciálního ohrožení růstu teroristickými útoky z 11. září 2001 a dohlížel na období svižného růstu HDP a produktivity. Na posledním zasedání rady za jeho éry přednesl tehdejší předseda newyorského Fedu Timothy Geithner řeč, která dnes působí jako trapný chvalozpěv; prohlásil, že Greenspanovo hvězdné renomé nepohasne, nýbrž bude zřejmě dál sílit.

Pouhé tři roky nato mohl laureát Nobelovy ceny za ekonomii Paul Krugman s odkazem na skeč Monty Pythonů o papouškovi říct, že Greenspan je bývalý maestro, jehož dobré jméno už je pod drnem. Všeobecně se mělo za to, že centrální banky v raných letech současného století pochrupovaly nad ovladačem. Nechaly narůstat globální nevyváženosti, hleděly vlídně na obří úvěrovou bublinu, ignorovaly blikající výstražná světla na hypotečním trhu a nekriticky obdivovaly novátorské, leč toxické produkty z dílny přeplacených investičních bankéřů.

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