لا تتوقفوا من فضلكم، فنحن أوروبيون

ما زالت الضغوط تتراكم على البنك المركزي الأوروبي لكي يتوقف مؤقتاً عن زيادة أسعار الفائدة بعد بداية العام الجديد. ولكن لا ينبغي للبنك المركزي الأوروبي أن يستسلم. حتى الآن كان البنك المركزي الأوروبي يتمتع بالقدر الكافي من المصداقية الذي يسمح له بتثبيت توقعات التضخم. إلا أن التوقف الآن، وفي الوقت الذي يستمر فيه الاقتصاد الأوروبي في اكتساب القوة بمعدلات سريعة، قد يحمل في طياته مجازفة غير ضرورية فيما يتصل باستقرار الأسعار.

وعلى الرغم من معدلات النمو الممتازة التي حققتها أوروبا في العام 2006، إلا أن أسعار الفائدة الحقيقية ـ أسعار الفائدة معبر عنها بالسلع والخدمات في مقابل النقود ـ لم تتغير منذ بداية العام. وهذا يعني أن السياسة النقدية التي تنتهجها أوروبا ما زالت مستمرة في تحفيز النمو الاقتصادي على الرغم من أنه بحلول شهر ديسمبر تكون أسعار الفائدة قد ارتفعت بمقدار 150 نقطة أساسية خلال العام 2006.

ومع انخفاض أسعار الفائدة الحقيقية إلى حد كبير، فإن التوقف في العام الحديد سوف يكون سابقاً للأوان.

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