European Central Bank Bloomberg/Getty Images

A independência ilusória do BCE

ATENAS – um compromisso com a independência dos bancos centrais é uma parte vital da crença que se espera que os governantes “sérios” defendam (a privatização, a “flexibilidade” no mercado de trabalho, entre outras coisas). Mas espera-se que os bancos centrais sejam independentes do quê? A resposta parece óbvia: dos governos.

Neste sentido, o Banco Central Europeu é o banco central genuinamente independente: nenhum governo o apoia e está expressamente proibido de apoiar qualquer um dos governos nacionais dos quais o banco central faz parte. E ainda assim, o BCE é o banco central menos independente no mundo desenvolvido.

A grande dificuldade é a cláusula “não há resgate financeiro” do BCE – a proibição de ajudar o governo de um Estado-membro insolvente. Uma vez que os bancos comerciais são uma fonte essencial de financiamento para os governos membros, o BCE é forçado a recusar liquidez aos bancos domiciliados em membros insolventes. Assim, o BCE baseia-se em regras que o impedem de funcionar como emprestador de última instância.

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