Paul Lachine

Dvojí vidění centrálních bank

OXFORD – Centrální banky teď cílují nejen inflaci, ale i likviditu. Úvěrový boom minulé dekády zdůraznil neadekvátnost výhradní zaměřenosti na ceny a podtrhl nutnost, aby měnový úřad země (či skupiny zemí jako v případě Evropské centrální banky a eurozóny) dohlížel na finanční sektor. Novým pojmem mezi centrálními bankéři se stala makroprudenční regulace, doplňující jejich zavedené režimy cílování inflace.

Tento přesun pozornosti by mohl radikálně změnit měnovou politikou, ale k lepšímu nebo k horšímu? Cestu této transformaci sice razí britská centrální banka (Bank of England, BOE), ale do finanční regulace se více pouštějí i ECB a Rada Federálního rezervního systému Spojených států. Ostatně Evropská rada pro systémová rizika, spadající pod ECB, slouží k témuž účelu jako britská Komise pro finanční politiku (FPC).

V závěru nedávné diskuse s Andym Haldanem, výkonným ředitelem BOE pro finanční stabilitu a členem FPC, jsem se tázala: Co se stane, bude-li inflace vysoká a objem půjček nízký? Za takového vývoje by se Komise BOE pro měnovou politiku (MPC) klonila ke zvýšení úrokových sazeb, kdežto FPC by upřednostnila uvolnění měnových podmínek.

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