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.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/SMJKbne/cs;
  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now