Mark Wilson/Getty Images

Bankir Bank Sentral Kehabisan Akal

NEW HAVEN – Penghujung musim panas tahun ini ditandai dengan babak baru proses perumusan kebijakan yang sia-sia oleh dua bank sentral dunia, yakni Federal Reserve Amerikadan Bank of Japan. Dalam babak baru ini FED Amerika memutuskan untuk berdiam diri dan hal ini yang justru menjadi inti permasalahan. Ada pun langkah yang diambil oleh para perumus kebijakan di BOJ adalah dengan mengajukan suatu kebijakan itu-itu lagi yang tidak lazim dan lemah.

Baik FED Amerika dan BOJ menerapkan strategi-strategi yang sayangnya terputus dari perekonomian yang telah dipercayakan pengelolaannya kepada mereka. Terlebih lagi langkah-langkah terbaru yang mereka ambil lebih menekankan komitmen mendalam dengan suatu mekanisme transmisi yang semakin tersembunyi dan membahayakan antara kebijakan moneter, pasar finansial, dan ekonomi berbasis aset. Pendekatan seperti ini terbukti membawa krisis 2008-2009 dan bukan tidak mungkin menanam benih krisis selanjutnya beberapa tahun ke depan.

Tenggelam di dalam perdebatan mengenai keunggulan instrumen-instrumen ampuh dan mutakhir yang melengkapi amunisi para bankir sentral ini adalah kenyataan pahit lesunya pertumbuhan ekonomi. Jepang adalah contoh negara yang tepat. Terjebak di dalam trayektori pertumbuhan 1% selama seperempat abad terakhir ini, perekonomian Jepang gagal menyikapi segala daya upaya yang berulang kali dikerahkan melalui paket stimulus moneter luar biasa.

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