Was veranlasst Zentralbanken zur Intervention ?

Beobachter der Zentralbanken haben eine neue Lieblingsbeschäftigung: Sie vergleichen die Verhaltensmuster der amerikanischen Federal Reserve Bank (Fed) mit denen der Europäischen Zentralbank (EZB). Obwohl dabei das Zinssatz-Management der beiden Zentralbanken im Vordergrund steht, wird auch den unterschiedlich angelegten Interventionen auf den globalen Devisenmärkten zunehmend Aufmerksamkeit geschenkt.

Nach seiner Einführung im Januar 1999 verlor der Euro vor allem gegenüber dem US-Dollar und dem japanischen Yen beträchtlich an Wert. Da der Wechselkurs einer Währung Einfluss auf die Wettbewerbsfähigkeit der Wirtschaft ausübt, profitierten vor allem die Exporteure der EU, auf Kosten ihrer amerikanischen Kollegen, von dieser Schwäche des Euro.

Man möchte daher annehmen, dass gerade die einer starken internationalen Preiskonkurrenz ausgesetzte amerikanische Industrie kein Interesse an einem starken Dollar haben könnte. Auch von amerikanischen Politikern, die sich über das wachsende Leistungsbilanzdefizit besorgt zeigen, hätte man eine solche Reaktion erwartet. Doch gerade als sich Amerika in gewissen Bereichen wie dem Stahlsektor abschottete, enthielten sich die meisten amerikanischen Politiker und führenden Manager eines Kommentars zum starken Dollar. Auch jetzt gibt es kaum Freudensprünge angesichts der momentanen Dollarschwäche.

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