Bancos centrais e o saldo final

MUNIQUE – Em todo o mundo, o balanço patrimonial dos bancos centrais está a tornar-se numa preocupação cada vez mais séria - principalmente para os próprios decisores de política monetária. Quando o Banco Nacional da Suíça (SNB) abandonou a taxa de câmbio mínima no mês passado, fazendo com que o franco suíço disparasse através de uma forte valorização de 20%, parecia estar a agir com medo de que sofreria perdas no balanço patrimonial, caso mantivesse a compra de euros e de outras moedas estrangeiras.

Da mesma forma, os críticos da decisão de proceder à flexibilização quantitativa na zona euro temem que o Banco Central Europeu esteja perigosamente exposto a perdas em títulos do governo dos membros do Sul da zona euro. Isso levou o Conselho do BCE a deixar 80% dessas compras de títulos no balanço patrimonial dos bancos centrais nacionais, onde serão da responsabilidade dos governos nacionais.

Nos Estados Unidos, por sua vez, o movimento “Fiscalizar a Fed” está de volta. Motivado pelo crescimento dos activos e passivos da Reserva Federal, os republicanos estão a introduzir propostas de lei em ambas as câmaras do Congresso para exigirem que a Fed revele mais informações sobre as suas operações monetárias e financeiras.

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