New York skyscrapers

Problém s mezinárodní koordinací hospodářské politiky

BOLOGNA – Zdá se, že mezinárodní koordinace makroekonomické politiky se po třicetileté přestávce vrátila do agendy politiků. Příčina je pochopitelná: růst zůstává ve většině zemí neduživý a mnozí lidé se obávají blížícího se zvýšení úrokových sazeb americkým Federálním rezervním systémem. Důvody, proč koordinace uvízla na mrtvém bodě, bohužel stále přetrvávají.

Rozkvět koordinace mezinárodní politiky v letech 1978 až 1987 začal summitem skupiny G-7 v Bonnu v roce 1978 a jeho součástí byla i dohoda z hotelu Plaza z roku 1985. Pochyby o výhodách takové spolupráce však přetrvávaly. Například Němci litovali, že na bonnském summitu souhlasili se společnou fiskální expanzí, protože reflace se na konci 70. let, tedy v období sužovaném inflací, ukázala jako nesprávný cíl. Japonci zase začali litovat zhodnocení jenu, když dohoda z hotelu Plaza úspěšně oslabila nadhodnocený dolar.

Podíl států s rozvíjejícími se trhy na globálním řízení navíc nedržel krok se stále významnější rolí jejich ekonomik a měn. Samotný úspěch těchto zemí se tak stal překážkou koordinace politik.

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