ECB a její kritikové

PAŘÍŽ – V severní Evropě a zejména v Německu vyvolalo rozhodnutí Evropské centrální banky zahájit kvantitativní uvolňování (QE) lavinu žalob. Mnohé z nich jsou nepodložené, či dokonce bezdůvodné. Některé jsou matoucí. Další přikládají větší váhu spekulativním hrozbám nežli těm skutečným. A pár jich sice poukazuje na skutečné problémy, ale opomíjí potenciální řešení.

Soudě podle kritiky by se mohlo zdát, že nulová inflace je požehnáním. Kdyby to však byla pravda, centrální banky z celého světa by si ji dávno stanovily za cíl. Ony však vesměs definují cenovou stabilitu jako nízkou, stabilní, ale nenulovou inflaci.

Je to proto, že nulová inflace má tři hluboce negativní důsledky. Za prvé nahlodává efektivitu standardní měnové politiky (protože kdyby úrokové sazby klesly výrazně pod nulu, vkladatelé by vybrali peníze z bank a uložili je do sejfů). Za druhé činí relativní mzdy (například zaměstnanců ve výrobě oproti zaměstnancům v sektoru služeb) rigidnějšími, protože mzdové kontrakty se obvykle uzavírají v eurech. A za třetí zvyšuje zátěž předchozích dluhů a činí zotavení ze soukromé či veřejné dluhové krize ještě bolestnějším.

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