Paul Lachine

عودة النظرية النقدية

تيلبورج، هولندا ـ إن الأزمة الاقتصادية الحالية تسلط الضوء على ضرورة إخضاع البنوك المركزية لتغييرات كبرى. فقد حان وقت العودة إلى شكل ما من أشكال الترشيد النقدي المعتدل ـ ولكن على طراز يناسب القرن الحادي والعشرين.

لقد أدت الأزمة الحالية بوضوح إلى جعل وظيفة محافظي البنوك المركزية أكثر تعقيداً. فعلى مدى الثلاثين عاماً الماضية أو نحو ذلك، كان العديد من محافظي البنوك المركزية يفترضون أن كل ما يتعين عليهم القيام به هو التركيز على استقرار الأسعار. وكان من المفترض أن يستخدموا كل أداة تتوفر لديهم لتحقيق تلك الغاية. ولكن من الآن فصاعداً سوف يكون لزاماً على القائمين على البنوك المركزية أن يستهدفوا الاستقرار المالي أيضاً.

وسوف يتعين على البنوك المركزية ضمناً أن تحاول أيضاً ضمان عدم حدوث ركود جديد. بيد أن الترتيب المؤسسي الحالي للبنوك المركزية اليوم غير كافٍ على الإطلاق لتمكينها من التصدي لهذه التحديات. وسوف يتعين على البنوك المركزية أيضاً أن تستعين بأدوات إضافية حتى تتمكن من الاضطلاع بمهامها الجديدة. وهنا تصبح الأمور شديدة التعقيد.

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