European central bank Thomas Lohnes | Stringer via getty images

Nafukující se bubliny v Evropě

MNICHOV – Poslední politické kroky Evropské centrální banky mnohé pozorovatele šokovaly. Cíl – předcházet deflaci a podporovat růst – je sice zřejmý, avšak politika samotná je receptem na silnou nestabilitu.

Mezi pochybné kroky patří stanovení úrokové sazby z hlavních refinančních operací ECB na nulu, zvýšení měsíčního objemu nákupů aktiv o 20 miliard eur na 80 miliard a zatlačení úrokové sazby z peněz, které si banky ukládají u ECB, ještě hlouběji do záporného pásma – konkrétně na -0,40%. ECB navíc zahájila novou řadu čtyř cílených dlouhodobějších refinančních operací, které rovněž nesou záporný úrok. Banky získají úrok ve výši až 0,4% z úvěrů ECB, které si samy vezmou, za předpokladu, že tyto peníze půjčí soukromým firmám.

Tato politická opatření jsou v podstatě jen nejnovějšími z dlouhé řady pokusů ECB řešit důsledky prasknutí mohutné bubliny, která se v prvních letech existence eura nafoukla v jižní Evropě. Všechno začalo ohlášením zavedení eura na madridském summitu EU v roce 1995, jež způsobilo pád úrokových sazeb.

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