Gegen das Schlechtmachen der BIZ

PRAG – Es mag merkwürdig klingen, aber das Zentralbankgeschäft ist mittlerweile aufregend geworden. Dabei handelt es sich nicht unbedingt um eine begrüßenswerte Entwicklung. Die von den führenden Währungsbehörden seit der globalen Finanzkrise der Jahre 2008-2009 getroffenen Entscheidungen waren unorthodox, kreativ und bisweilen riskant. Die gewagten Entscheidungen von heute werden die Weltwirtschaft in den kommenden Jahrzehnten beeinflussen.

Außerdem verschaffen sich Zentralbanker immer stärker Gehör, wenn es darum geht, in Massenmedien nachdrücklich ihre Positionen zu vertreten, so als ob man darauf aus wäre, die öffentliche Meinung für sich zu gewinnen. Das ist wohl wirksam, aber auch gefährlich. In diesem Umfeld sollten auch nüchterne und informierte Stimmen wie jene der  Bank für den internationalen Zahlungsausgleich (BIZ), der Zentralbank der Zentralbanken, gehört werden. Leider haben zahlreiche Zentralbanker allerdings versucht, die BIZ zu marginalisieren anstatt sich mit ihr auseinanderzusetzen.

Eine der kontroversesten Debatten drehte sich dabei um die Frage, wann die „unkonventionellen“ geldpolitischen Maßnahmen zu beenden seien, die im Gefolge der Finanzkrise ergriffen wurden, um sicherzustellen, dass die Banken weiterhin Kredite vergeben, um damit das Wachstum anzuregen und eine Deflation zu vermeiden. Manche Zentralbanker befürchten momentan, dass ein vorzeitiges Ende dieser Maßnahmen die Wirtschaft wieder in die Rezession stürzen würde. Andere wiederum befürchten, dass die derzeitige Strategie - obwohl ursprünglich darauf ausgerichtet, den wirtschaftlichen Zusammenbruch zu verhindern - den Boden für zukünftige Instabilität, einschließlich der Bildung einer weiteren Vermögenspreisblase, bereitet.

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