Die beiden Säulen der EZB – ein Erfolg

Im Oktober 1998, unmittelbar vor Beginn der Europäischen Währungsunion, verabschiedete der Rat der Europäischen Zentralbank (EZB) eine stabilitätsorientierte geldpolitische Strategie. Diese Strategie umfasst drei Elemente: In erster Linie enthält sie ein klares Bekenntnis zum Primärziel der EZB, nämlich der Sicherung der Preisstabilität. Preisstabilität wurde dabei definiert als eine mittelfristige jährliche Zunahme des Preisniveaus von weniger als zwei Prozent.

Die beiden weiteren Elemente, die bald unter der Überschrift der „zwei Säulen“ bekannt wurden, dienen zur Beurteilung der in Bezug auf das Ziel der Preisstabilität bestehenden Risiken . Die Säule der geldpolitischen Analyse umfasst alle von den verschiedenen Geldmengen- und Kreditaggregaten stammenden Informationen und dient der Ermittlung der in Bezug auf die Preisstabilität bestehenden mittel- bis langfristigen Risiken. Die Säule der Wirtschaftsanalyse basiert auf einem weiten Netz nationaler und internationaler Wirtschaftsindikatoren aus den Real- und Finanzsektoren (Löhne und Gehälter, Importpreise, Zinsen und Wechselkurse, etc.). Sie bietet eine Grundlage für die Bewertung der kurz- bis mittelfristigen Preisentwicklungen.

Dieser Zweisäulenansatz stellt einen Rahmen dar, um Indizien aus der kurzfristigeren Wirtschaftsanalyse mit denen als der langfristigeren geldpolitischen Analyse abzugleichen und so eine robuste Ansicht der Risiken für die Preisstabilität zu erhalten.

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