Draghi: Vsaj eden, ki razume makroekonomijo

Mario Draghi je bržčas med voditelji evropskih inštitucij, predsedniki vlad in finančnimi ministri članic EU edini, ki razume makroekonomijo (kjer mu seveda pomaga background, doktorat iz MIT). In edini, ki si upa kontrirati Nemcem pri njihovem samodestruktivnem potiskanju vseh držav v fiskalno stradanje. Včeraj je na tiskovni konferenci povedal pričakovano (o čemer sem pisal prejšnji teden): za ničelne obrestne mere ni kriva ECB, pač pa je to posledica nizke gospodarske rasti. ECB se z nizkimi obrestnimi merami zgolj odziva na deflacijske težnje v stagnantnem gospodarstvu. Draghi je povedal, da če hočemo višje obrestne mere in inflacijo, moramo najprej ustvariti gospodarsko rast v evro območju. Monetarna politika pa tega ne more več, to lahko v dani situaciji (ničelnih obrestnih mer) naredi le fiskalna politika.

Torej? Bodo Nemci še naprej prisilno stradali vse države okrog sebe in s tem posredno tudi prihranke svojih lastnih bodočih upokojencev ali pa se bodo odpovedali ideologiji in začeli spodbujati rast? To je bilo zgolj retorično vprašanje.

The European Central Bank president has launched a robust defence of the institution’s independence after criticism from Germany that rock-bottom euro interest rates are hurting savers and fuelling rightwing nationalism.

Mario Draghi used his latest press conference on Thursday to counter an attack from Germany’s finance minister, Wolfgang Schäeuble, who had said record low rates were causing “extraordinary problems” for German banks and pensioners and risked fuelling the rise of Eurosceptics in Germany.

Draghi warned that those who threatened ECB independence with “criticisms of a certain type” were making Europe’s economic problems worse.

“We have a mandate to pursue price stability for the whole of the eurozone not only for Germany,” he said. “We obey the law, not the politicians, because we are independent as stated by the law.”

Draghi also renewed the pressure on governments to play a role in shoring up growth in the eurozone, echoing recent comments by the International Monetary Fund’s Christine Lagarde that central banks alone cannot fuel the recovery.

“Low interest rates are a symptom of low growth and low inflation. If we want to return to higher interest rates we need to return to higher growth and higher inflation,” he said.

Vir: The Guardian

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