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Přibližme měnovou politiku lidem

LONDÝN – Velká Británie přijala koncept nezávislosti centrální banky pozdě, protože tehdejší premiérka Margaret Thatcherová se ostře stavěla proti tomu, aby nikým nevolení bankéři kontrolovali úrokové sazby. Dokonce tehdy prohlásila, že ona se této kontroly nikdy nevzdá, a Bank of England (BoE) se skutečně osvobodila až v roce 1997, kdy byla zvolena první labouristická vláda Tonyho Blaira.

„Staré dámě na Threadneedle Street“, jak se Bank of England přezdívá, tak bylo 303 let, když jí bylo poprvé umožněno dělat vlastní rozhodnutí – a také vlastní chyby. Zatímco americký Federální rezervní systém a německá Bundesbank byly nezávislé už dlouho, většina ostatních evropských zemí se k nim připojila až před vytvořením měnové unie. Pokud jde o francouzskou centrální banku, ta byla od Napoleonových časů ponechána „v rukou vlády, ale ne tak nápadně“.

V uplynulých 20 letech znamenala nezávislost centrální banky jakýsi „konec dějin“ pro měnovou politiku poté, co bylo neúspěšně odzkoušeno mnoho jiných režimů. V letech před globální finanční krizí z roku 2008 panoval názor, že nezávislé centrální banky dokážou úspěšně kontrolovat inflaci, přičemž obzvláště nadšené z nezávislosti centrální banky byly státy se značnými fiskálními deficity, poněvadž těžily z nižších dlouhodobých úrokových sazeb. Centrální banky, které regulují také bankovní sektor, musely řešit složité otázky kvůli své bezstarostnosti ve světle rychlé úvěrové expanze, ale když nastaly problémy, sklidily všeobecnou chválu za promptní a rozhodnou reakci.

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