Padající dolar

CAMBRIDGE – Když hodnota eura dosáhla historického maxima 1,52 dolaru, sdělil prezident Evropské centrální banky Jean-Claude Trichet novinářům, že ho rychlé zhodnocování měny znepokojuje a že chce „podtrhnout“ oficiální politiku podpory silného dolaru, kterou uskutečňuje americké ministerstvo financí. V podobném smyslu se později vyjádřili i ministři financí několika evropských zemí.

Ve skutečnosti USA samozřejmě žádnou dolarovou politiku nemají – snad jen tu, že nechávají o hodnotě dolaru rozhodovat trh. Americká vláda neintervenuje na trhu zahraničních měn, aby podpořila dolar, a ani monetární politika Federálního rezervního systému (Fed) k takovému cíli rozhodně nesměřuje. Stejně tak ovšem není konkrétním cílem Fedu snižovat hodnotu dolaru. Ačkoliv snížení základní úrokové sazby Federal Funds Rate z 5,25% v létě roku 2007 na současná 3% přispívá ke znehodnocení dolaru, prvotním cílem snížení byla stimulace oslabující ekonomiky.

Všichni američtí ministři financí přinejmenším od dob Roberta Rubina v Clintonově administrativě nicméně opakovali mantru, že „silný dolar je pro Ameriku dobrý“, kdykoliv byli na hodnotu dolaru dotázáni. Taková odpověď se sice jeví vstřícněji než „bez komentáře“, avšak o současném a budoucím kurzu americké vlády toho vypovídá jen málo.

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