Что определяет решения об интервенции Центрального Банка

У наблюдателей за политикой Центрального Банка появилось новое развлечение - сравнивать поведение Американской Федеральной Резервной Комиссии (Fed) и Европейского Центрального Банка (ECB). Несмотря на то, что основное внимание уделяется регулированию процентной ставки, различные подходы к международному валютному рынку привлекают внимание, поскольку они определяют рост экономики.

После введения евро в январе 1999 года эта валюта значительно упала по отношению к другим основным валютам, особенно американскому доллару и японской йене. Так как курс валюты влияет на конкурентоспособность экономики, девальвация евро сыграла на руку экспортерам из ЕС, предоставив им преимущество по сравнению с их американскими коллегами.

Можно было бы предположить, что промышленники из США, столкнувшись с интенсивной международной конкуренцией, осознали, что сильная позиция доллара нежелательна. Американские политики тоже должны были бы высказать озабоченность по поводу увеличивающегося бюджетного дефицита. Однако, закрыв отельные отрасли промышленности, например, сталелитейную, большинство Американских политиков и руководителей прикусили языки по поводу усиления позиций доллара, и очень немногие подпрыгнули от радости в связи с его недавним ослаблением.

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