Evropa podle Draghiho

PAŘÍŽ – Centrální bankéři si často zakládají na tom, že jsou nudní. Ne tak Mario Draghi. Před dvěma lety, v červenci 2012, jako prezident Evropské centrální banky všechny překvapil prohlášením, že udělá „vše, co bude v jeho silách“, aby zachránil euro. Mělo to dramatický účinek. Letos v srpnu využil každoročního setkání špičkových centrálních bankéřů v Jackson Hole v americkém státě Wyoming k vypuštění dalšího šrapnelu.

Draghiho projev byl tentokrát analytičtější, ale o nic méně smělý. Draghi nejprve zaujal stanovisko v probíhající debatě o vhodné politické reakci na současnou stagnaci eurozóny. Zdůraznil, že vedle strukturálních reforem je zapotřebí i podpora agregátní poptávky a že dělat v tomto směru málo je jednoznačně riskantnější než dělat příliš.

Za druhé potvrdil, že ECB je připravena přispět svým dílem k pozvednutí agregátní poptávky, a zmínil nákupy aktiv neboli kvantitativní uvolňování coby nezbytný nástroj v situaci, kdy inflační očekávání klesla pod oficiální dvouprocentní cíl.

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