Die neue Klub-Klasse im Zentralbankgeschäft

NEW YORK – Im Gefolge der Finanzkrise der Jahre 2007 und 2008 spielten die Zentralbanken eine maßgebliche Rolle bei der Rettung des globalen Finanzsystems. Sie sprangen ein, als die privaten Märkte eingefroren waren, sie agierten als Kreditgeber und Händler letzter Instanz und stellten zusätzliche Liquidität zur Verfügung, um das Finanzwesen in Gang zu halten.

In erster Linie boten die Zentralbanken ihre Dienste Akteuren im eigenen Land an, doch sie weiteten ihre Großzügigkeit auch auf  private ausländische Institutionen aus. Tatsächlich profitierten ganze Staaten, als die Zentralbanken Swap-Vereinbarungen getroffen und einander unbegrenzten Zugang zu den jeweiligen Währungen gewährt hatten. Damit wurde ein bedenklicher Präzedenzfall geschaffen.

Ursprünglich im Jahr 2007 als Übergangslösung ins Leben gerufen, wurden die damals als Verbindung zwischen der amerikanischen Federal Reserve, der Europäischen Zentralbank und der Schweizerischen Nationalbank eingeführten Swap-Linien jedes Mal ausgeweitet, wenn eine neue Krise die Märkte verunsicherte. Vor kurzem allerdings haben sechs Zentralbanken erklärt, ihre Swap-Linien zu einer dauerhaften Einrichtung gemacht zu haben.

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