Central banks Cameron Spencer/Getty Images

الوعد الزائف لأموال المروحية

لندن - من بين القضايا الاقتصادية العالمية الرئيسية اليوم إشكالية مدى تأثير السياسة النقدية. في منطقتي اليورو واليابان، على الرغم من تنفيذ سياسة التخفيف الكمي (QE)  ومعدلات الفائدة السلبية على نطاق واسع، ارتفع كل من اليورو والين أمام الدولار الأمريكي منذ بداية هذا العام.

وتتجلى مشكلة هذا الجدل في تركيزه على فعالية السياسات فقط، دون النظر إلى ضرورة توخي الحذر. كما أن مصداقية واستقلال السلطات النقدية ضرورية لفعالية سياساتها. ودعت بعض المقترحات البنوك المركزية للابتعاد عن المناطق غير المألوفة، وتوسيع وتمديد زيغها عن اٍدارة الميزانيات العمومية. لكن هذا قد يضر بالسمعة التي سيكون من الصعب تداركها، كما سيكون له عواقب مالية واقتصادية وخيمة.

اٍن التأثير المباشر للسياسة النقدية غير التقليدية  واضح ومتوقع إلى حد كبير (باستثناء الارتفاع الأخير لليورو والين). فالسيولة في النظام المصرفي كافية وتكاليف الاقتراض منخفضة، لكنها انعكست سلبا على بعض الحكومات.

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