Los denigradores del Banco de Pagos Internacionales

PRAGA – Podría parecer una afirmación inverosímil, pero la banca central se ha vuelto apasionante. No se trata necesariamente de una novedad digna de beneplácito. Las decisiones adoptadas por las principales autoridades monetarias desde la crisis financiera mundial del período 2008-2009 han sido heterodoxas, creativas y a veces arriesgadas. Sus opciones actuales, en las que hay mucho en juego, afectarán a la economía mundial en los próximos decenios.

Además, los banqueros centrales han empezado a mostrarse más explícitos al expresar posturas contundentes en los medios de comunicación, como para ganarse a la opinión publica. Se trata de una combinación potente y peligrosa. En ese marco, se deben escuchar también con atención voces serenas e informadas, como la del Banco de Pagos Internacionales, el banco central de los bancos centrales. Lamentablemente, muchos bancos centrales han intentado marginar al BPI, en lugar de dialogar con él.

Uno de los debates más polémicos ha versado sobre cuándo poner fin a las medidas “heterodoxas” de política monetaria que se introdujeron después de la crisis financiera para velar por que los bancos siguieran prestando y, con ello, estimulando el crecimiento y evitando la deflación. Ahora algunos bancos centrales están preocupados por que la retirada prematura de dichas medidas vuelva a sumir la economía en la recesión. Sin embargo, otros temen que la estrategia actual, aunque originalmente encaminada a prevenir un desplome económico, esté sembrando la inestabilidad futura, incluida la aparición de otra burbuja de precios de los activos.

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