Výměna měnové stráže

NEW YORK – V mnoha centrálních bankách buď probíhá nebo brzy proběhne výměna vedení a mnozí z těch, kdo nesli částečnou zodpovědnost za vyvolání globální hospodářské krize, která vypukla v roce 2008 – než podnikli razantní kroky, aby zabránili nejhoršímu –, odcházejí do ústraní. Jejich hodnocení je smíšené. Hlavní otázka dnes zní, do jaké míry ovlivní toto hodnocení chování jejich nástupců.

Mnozí aktéři na finančním trhu jsou vděční za laxnost regulačních pravidel, která jim před krizí umožnila sklízet enormní zisky, a za štědré sanace, které jim později umožnily rekapitalizaci – a často i odchod s milionovými bonusy –, přestože téměř zruinovali světovou ekonomiku. Pravdou je, že snadno dostupné peníze pomohly obnovit ceny akcií, ale možná zároveň vytvořily nové bubliny aktiv.

V mnoha evropských zemích zatím HDP zůstává výrazně pod úrovní před krizí. Ve Spojených státech je na tom dnes většina občanů navzdory růstu HDP hůř než před krizí, poněvadž růst příjmů se od té doby týká téměř výlučně lidí na špičce příjmové pyramidy.

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