Bank of England Oli Scarff / Getty Images

Центральные банки и реванш политики

ФРАНКФУРТ – У репутации центральных банков всегда были свои взлёты и падения. Многие годы престиж центральных банков находился на высоком уровне, практически беспрецедентном. Однако коррекция этого отношения сейчас выглядит неизбежной, причём её главной жертвой, видимо, станет независимость центральных банков.

Репутация центральных банков достигла своего пика в конце прошлого и на рубеже нового столетий, благодаря так называемой эпохе «Великого успокоения» (Great Moderation). Низкая и стабильная инфляция, устойчивый рост экономики, высокий уровень занятости привели к тому, что многие стали воспринимать центральные банки как своеобразных магистров вселенной, которые способны – и от которых ожидают – управления экономикой на благо всех. В этом смысле характерно, что председателя Федерального резерва США Алана Гринспена называли «маэстро».

Мировой финансовый кризис 2008 года поначалу лишь ещё больше укрепил репутацию центральных банков. Своими решительными действиями монетарные власти во многом содействовали предотвращению повтора Великой депрессии. Их вновь начали хвалить за спасение мировой экономики.

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