Tut die EZB genug?

FRANKFURT – Von Konrad Adenauer, dem ersten deutschen Bundeskanzler nach dem Zweiten Weltkrieg, stammt das berühmte Zitat: „Was kümmert mich mein Geschwätz von gestern?“ Er meinte damit, dass sich Entwicklungen bisweilen schneller vollziehen, als wir sie erfassen können. Nun neigt sich das Jahr 2014 dem Ende zu, und es ist sinnvoll, rückblickend zu fragen, ob wir bei der Europäischen Zentralbank schnell genug reagiert haben, um die Preisstabilität angesichts von Risiken zu wahren, wie es unser Mandat verlangt. Ich glaube, das können wir bejahen.

Wir stellten fest, dass unsere Geldpolitik nicht mehr die gewohnten Auswirkungen auf die Kreditkosten des privaten Sektors hatte. Offensichtlich funktionierten die Kreditkanäle im Bankensystem nicht mehr; extrem restriktive Kreditkonditionen hemmten die Nachfrage massiv. Darauf reagierte die EZB genau so, wie es jede Zentralbank getan hätte: Wir ergriffen Maßnahmen, um die Relation zwischen unserer Geldpolitik und den Kreditkosten wiederherzustellen und den durchschnittlichen Zinssatz für private Haushalte und Unternehmen zu senken.

Im Juni haben wir eine Reihe von gezielten längerfristigen Refinanzierungsgeschäften (sogenannten GLRGs) eingeführt, um den Banken für einen Zeitraum von bis zu vier Jahren zu sehr niedrigen Festzinsen Mittel zur Refinanzierung bereitstellen zu können. Zweck der GLRGs ist es, die Chancen, dass die Banken die Refinanzierungserleichterungen an die Kreditnehmer weitergeben, zu maximieren. Unsere Programme zum Kauf von Asset-Backed Securities und gedeckten Schuldverschreibungen wurden so zugeschnitten, dass sie die Weitergabe der niedrigeren Refinanzierungskosten von den Banken an ihre Kunden ebenfalls erleichtern.

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