Bank of England Oli Scarff / Getty Images

Die Notenbanken und die Rache der Politik

FRANKFURT – Mit dem Ruf der Notenbanken geht es traditionell immer auf und ab. Seit Jahren nun ist das Prestige der Notenbanken so hoch wie fast noch nie. Doch eine Korrektur scheint unvermeidlich, und die Unabhängigkeit der Notenbanken dürfte dabei eines der wichtigsten Opfer werden.

Der Ruf der Notenbanken erreichte bis zur Jahrhundertwende Höchstwerte. Grund dafür war die sogenannte „große Moderation“: Die niedrige und zugleich stabile Inflation, nachhaltiges Wachstum und hohe Beschäftigungsraten führten dazu, dass viele die Notenbanken als eine Art Herrscher des Universums betrachteten, die fähig waren, die Wirtschaft zum Nutzen aller zu steuern – und dazu, dass dies von ihnen auch erwartet wurde. Die Titulierung des US-Notenbankchefs Alan Greenspan als „Maestro“ steht beispielhaft für diese Wahrnehmung.

Die globale Finanzkrise von 2008 stärkte den Ruf der Notenbanken zunächst weiter. Durch resolutes Handeln leisteten die Währungshüter einen wichtigen Beitrag zur Verhinderung einer zweiten Großen Depression und wurden einmal mehr als Retter der Weltwirtschaft gepriesen.

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