Paul Lachine

Die Rückkehr des Monetarismus

TILBURG, NIEDERLANDE – Die aktuelle Wirtschaftskrise macht deutlich, dass in den Zentralbanken einschneidende Veränderungen erforderlich sind. Es ist an der Zeit, zu einer Form des gemäßigten Monetarismus zurückzukehren – allerdings angepasst an das einundzwanzigste Jahrhundert.

Die aktuelle Krise hat die Aufgabe der Zentralbanker eindeutig wesentlich komplizierter gemacht. In den letzten 30 Jahren hatten viele Zentralbanker angenommen, dass sie nichts weiter zu tun brauchten, als die Preisstabilität im Auge zu behalten. Jedes Instrument, das ihnen zur Verfügung stand, sollte zu diesem Zweck eingesetzt werden. Von jetzt an müssen die Zentralbanker jedoch auch Finanzstabilität anstreben.

Implizit werden die Zentralbanken auch versuchen müssen, sicherzustellen, dass es nicht zu einer neuen Rezession kommt. Doch sind die Zentralbanken derzeit institutionell überhaupt nicht angemessen darauf eingerichtet, diesen neuen Herausforderungen gerecht zu werden. Die Zentralbanken benötigen zusätzliche Werkzeuge für ihre neuen Aufgaben. Und an dieser Stelle wird es sehr kompliziert.

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