Наследие Дуйзенберга не должно быть забыто

В декабре Европейский Центральный Банк (ЕЦБ) увеличил процентные ставки. Самое странное и удивительное заключается в том, что процентные ставки увеличились лишь на 0,25%, хотя банк и так уже в течение двух с половиной лет удерживал их на исключительно низком уровне. Причиной такого робкого шага может быть политическое давление на ЕЦБ.

Жан-Клод Трише, нынешний президент Европейского центрального банка, занимает ту же должность, что и его предшественник Вим Дуйзенберг, автор известного высказывания: «Я слышу политиков, но не слушаю их». Однако, работать новому президенту ЕЦБ, похоже, приходится совсем в иных условиях. Сегодня на ЕЦБ оказывается значительно более сильное политическое давление, чем во времена Дуйзенберга. Политическая жизнь стала гораздо агрессивнее. Возможно, политическое давление влияет на решения, принимаемые Европейским центральным банком.

Это чрезвычайно негативное проявление, которое может стать для ЕЦБ серьёзным испытанием в 2006 году. Политическое давление может стать причиной превышения кредитно-денежных показателей, что, безусловно, является серьёзной проблемой для банка, основной задачей которого является сохранение стабильности цен. Но это еще полбеды. Превышение данных показателей, в свою очередь, может стать непреодолимым барьером на пути структурных преобразований, необходимость которых для Европы в условиях мировой конкуренции очевидна.

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