Greece economy Anadolu Agency/Getty Images

Чрезвычайные меры в обычные времена

МЮНХЕН – С тех пор как финансовый кризис достиг международных масштабов, прошло уже десять лет. До июля 2007 года кризис субстандартного ипотечного кредитования казался исключительно проблемой Соединенных Штатов. Но затем двум государственным немецким банкам, Landesbank Sachsen и IKB Deutsche Industriebank, потребовалась экстренная финансовая помощь, и внезапно директивным органам стало ясно, насколько взаимосвязанной стала глобальная финансовая система.

Наследие 2007 года по-прежнему с нами. Его самым разрушительным и опустошающим последствием стало возложение особых надежд на нетрадиционные денежно-кредитные инструменты. К сожалению, когда десять лет назад директивные органы бились над поиском «большой базуки», они подготовили почву для возвращения старого персонажа – сильного человека, готового нажать на спусковой крючок.

Разумеется, в разгар финансового кризиса политики были правы, решив, что они не могут полагаться на бизнес, как обычно. Центральным банкам нужно было обеспечить ликвидность в огромных масштабах, и поэтому правительствам потребовалось дополнить эти денежно-кредитные меры налоговым стимулированием. Поэтому Китай и США развернули широкомасштабные программы стимулирования в 2008 и 2009 годах соответственно.

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