La tentazione dei banchieri centrali

WASHINGTON, DC – Il sistema bancario è diventato il tallone d'Achille dei banchieri centrali, un fatto che potrebbe sembrare paradossale visto che il termine "banca” compare della descrizione delle loro mansioni. Il motivo è che, in generale, chi siede ai vertici delle nostre banche centrali ha costruito la propria carriera negli anni ’80 e ’90, quando il rischio d’inflazione era ancora molto alto e, per tale motivo, tra le sue principali preoccupazioni intellettuali e pratiche l’inflazione viene prima della regolamentazione e della vigilanza bancaria.

Inoltre, negli ultimi cinque anni un'esperienza formativa per molti di loro è stata la necessità di evitare un potenziale crollo della produzione, anche impedendo la discesa dei prezzi, obiettivo conseguito perlopiù sostenendo il credito, a prescindere dalle eventuali conseguenze per la struttura o gli incentivi del settore.


Non sorprende, quindi, che i banchieri centrali continuino ancora oggi a mostrare una certa deferenza verso coloro che governano le grandi banche del settore privato. Le banche centrali esercitano un notevole controllo sull'offerta di moneta di un'economia, e possono influenzare i tassi di interesse di un’ampia gamma di prestiti e titoli. D'altro canto, però, le banche private erogano prestiti, oltre a detenere la responsabilità di importanti aspetti del funzionamento dei mercati finanziari.


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