Die ungewisse Zukunft der Vorherrschaft der Zentralbanken

NEWPORT BEACH – In der Geschichte gibt es unzählige Beispiele von Menschen und Institutionen, die in eine Position der Vorherrschaft aufstiegen und später wieder fielen. Zum Verhängnis wurde ihnen in den meisten Fällen ihre Hybris – ein Gefühl der Unbesiegbarkeit geschürt durch ungehindert ausgeübte Macht. In anderen Fällen allerdings rührten sowohl Aufstieg als auch Fall von den in sie gesetzten ungerechtfertigten Erwartungen her.

In den letzten Jahren sind die Zentralbanken der größten Industrieländer gleichsam in die Führungsposition der politischen Entscheidungsfindung aufgerückt. Im Jahr 2008 forderte man sie auf, die Fehlfunktionen auf den Finanzmärkten zu beheben, bevor diese die Welt in eine zweite Große Depression stürzten. In den seither vergangenen fünf Jahren haben die Zentralbanken größere Verantwortung übernommen, wenn es darum geht, eine wachsende Zahl an wirtschaftlichen und finanziellen Resultaten zu erreichen.

Mit der Anzahl der von den Zentralbanken übernommenen Verantwortlichkeiten stiegen auch die Erwartungen hinsichtlich dessen, was sie erreichen können. Dies gilt vor allem für den so sehr ersehnten Hattrick aus größerer Finanzstabilität, rascherem Wirtschaftswachstum und der dynamischeren Schaffung von Arbeitsplätzen. Regierungen, die sich einst über die Macht der Zentralbanken ärgerten, sind heute froh, dass diese einspringen und ihre wirtschaftspolitischen Mängel kaschieren – und zwar in einem Ausmaß, dass sich mancher Gesetzgeber berechtigt zu sehen scheint, wiederholt unverantwortliches Verhalten an den Tag legen zu dürfen.

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