Подрезание крыльев евро

Призыв французского президента Николя Саркози к тому, чтобы Европейский Центральный Банк вмешался с целью уменьшить курс постоянно растущего евро, является признаком того, что он не понимает и не доверяет рынкам. Действительно, некоторые сегодня считают Саркози сторонником традиционных принципов Шарля де Голля, который хочет помочь французским производителям, искусственно обесценивая евро.

Прав ли Саркози в своем убеждении в том, что валютные рынки автоматически не устанавливают курсы валют по отношению к основным принципам международной торговли? В конце концов, сопоставимые товары часто продаются во всем мире по достаточно разным ценам. Например, согласно журналу The Economist , БигМак в зоне евро стоит приблизительно три евро – около 4 долларов США по текущему валютному курсу – но в Соединенных Штатах он стоит всего лишь около 3,20 доллара, подразумевая тем самым, что евро переоценен примерно на 25%.

Из тридцатилетней истории «плавающих валют» совершенно очевидно, что обменные курсы, устанавливаемые рынком, часто имеют скачкообразную тенденцию, особенно от паритетных уровней, которые могли бы заставить продавать сопоставимые товары по сопоставимым ценам в разных странах. Таким образом, такие политические деятели как Саркози имеют основания утверждать, что центральные банки должны вмешиваться для ограничения такие скачков.

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