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Come gli obiettivi dei banchieri centrali si sono spostati

BRUSSELS – Il tema di quest’anno del meeting dei banchieri centrali a Jackson Hole, in Wyoming, aveva poco a che fare con la politica monetaria. “Incoraggiare un’economia globale dinamica” è, naturalmente, un argomento importante. Ma è significativo che la Banca centrale europea ha scelto, per la sua riunione annuale, un simile argomento “non monetario” (“Investimenti e crescita nei paesi avanzati”).

Non c’è niente di sbagliato se i banchieri centrali prendono in considerazione sfide in aree come la crescita, il commercio e gli investimenti. Tuttavia i banchieri centrali sono stati resi indipendenti precisamente perché si era capito che sarebbero stati considerati responsabili per il raggiungimento del loro obiettivo di mantenere la stabilità dei prezzi, a prescindere dal tasso di crescita sottostante dell’economia. Quindi per quale motivo i banchieri centrali preferirebbero porre l’attenzione su questioni esterne piuttosto che focalizzarsi sulla propria area di responsabilità?

La risposta, sembra, è che non possono spiegare del tutto il loro attuale approccio.

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