ECB protests Daniel Roland/Stringer via Getty Images

Центральные банки отбились от рук?

ПРАГА – Огульная критика работы центральных банков в развитых странах становится в последнее время всё более яростной. Основной мотив этой атаки звучит примерно так: монетарные власти проявляют излишнюю активность после 2008 года, выходя за рамки своих мандатов и нанося вред экономике. Подобные рассуждения странным образом одинаково популярны и у либертарианцев, и у неомарксистов, которые обычно являются непримиримыми идеологическими противниками. И они абсолютно ошибочны.

Критики не способны понять, что современный центральный банк отвечает не только за борьбу с инфляцией, но и за поддержку долгосрочной ценовой стабильности. Как температура тела у человека, цены не могут подниматься слишком высоко или опускаться слишком низко, не вызывая при этом никаких серьёзных осложнений. В борьбе с дефляцией, вызванной ослаблением спроса, центральные банки должны быть такими же «активистами», какими они выступают в борьбе с высокой инфляцией, вызванной излишним усилением спроса.

Эта борьба абсолютно симметрична, однако общество воспринимает её неоправданно однобоко, особенно в тех странах, где население консервативно в финансовых вопросах. К ним относится и моя страна – Республика Чехия. Это нация небольших вкладчиков: соотношение кредитов к депозитам здесь находится на уровне значительно ниже 100%. Чехи боятся инфляции, хотя в прошлом году она достигла низшего уровня за 13 лет, а Национальный банк Чехии, где я занимаю пост заместителя председателя, с 2013 года ведёт борьбу с угрозой дефляции.

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