CENTRAL EUROPEAN BANK MONETARY POLICY DURING THE FINANCIAL CRISES

Autor: Kern, Bojana
Přispěvatelé: Zbašnik, Dušan
Jazyk: slovinština
Rok vydání: 2011
Předmět:
Zdroj: Ljubljana
Popis: Po nastanku izrednih gospodarskih in finančnih razmer na področju EMU redni ukrepi ECB niso več zadostovali za stabiliziranje nastalih razmer. Za izhod iz ekonomske monetarne krize je bilo potrebno uvesti začasne izredne ukrepe, s katerimi je ECB poskušala spodbuditi delovanje medbančnega trga v euroobmočju. Zaradi kreditnega krča med gospodarsko finančno krizo in zaradi nezadostnega financiranja gospodarstva je prišlo do zmanjšanja agregatnega povpraševanja in posledično do zmanjšanja gospodarske rasti. Poleg neomejene likvidnosti, sta bila ključnega pomena uvedba možnosti odkupa kritih državnih in zasebnih obveznic v območju z eurom in ponovna vzpostavitev operacij refinanciranja v dolarjih, v dogovoru z nekaterimi centralnimi bankami. Z ukrepi je bilo zagotovljeno zniževanje ključne obrestne mere in zniževanje dolgoročnih obrestnih mer na denarnem trgu. Ključne obrestne mere so se od začetka krize postopno zniževale in so bile v maju 2009 znižane na zgodovinsko najnižjo raven 1%. ECB ni želela še naprej zniževati obrestne mere in tvegati, da bi se ujela v likvidnostno past. Zaradi kriznih razmer finančnih trgov so bile za področju likvidnostne regulative že napovedane spremembe in vpeljava strožjih nadzornih kriterijev. Poleg novih likvidnostnih kazalnikov bo regulator v bodoče zahteval tudi dodatna poročila »monitoring tools« za kontrolo in analizo, v katera bodo vključeni likvidnostni razmiki, struktura oziroma koncentracija virov, razpoložljiva in bremen prosta sredstva, primerna za zavarovanje in LCR po pomembnih valutah. S pravili Basel III, ki bodo začela veljati 2013 in bodo v celoti stopila v veljavo leta 2019, se zvišuje tudi kapitalska ustreznost bank. V nekaterih državah je bil že uveden tudi posebni davek na bilančno vsoto bank. Za ustrezno rešitev iz finančne krize in preprečitev nastanka novih, bo potrebno zagotoviti evropsko finančno regulacijsko in fiskalno reformo. Evropska unija je vzpostavila preventivni meddržavni mehanizem, ki se sproži ob morebitni fiskalni in dolžniški krizi članic, vendar to ne zadošča. Za preprečitev podobnih kriz bi bilo v bodoče smiselno vzpostaviti dvosteberni sistem, po katerem bi ECB z obrestno mero še vedno uravnavala inflacijo, za zagotovitev finančne stabilnosti pa bi uporabila delež posojila, odobrenega na podlagi hipotekarnih obveznic, in kazalnike solventnosti bank. Učinek ukrepa bi bil podoben kot izredni ukrep ECB v času finančne krize, s katerim zagotavlja neomejeno likvidnost na bančnem trgu, ob sočasni uporabi obrestne mere za vzdrževanje makroekonomskih ciljev. V začetku aprila 2011 bo Svet ECB predvidoma zvišal temeljno obrestno mero in predstavil strategijo postopnega umikanja izrednih ukrepov, ki so bili sprejeti v času svetovne finančne krize za povečanje likvidnosti v finančnem sistemu euroobmočja. Umik kriznih ukrepov bo po predvidevanjih postopen. In the wake of exceptional economic and financial circumstances in the European economic and monetary union the standard measures of the European Central Bank no longer sufficed to stabilise the situation. To emerge from the economic and monetary crisis, the European Central Bank adopted temporary emergency measures in view of promoting the interbank market operations in the eurozone. The credit crunch during the economic and financial crisis and insufficiently funded economy resulted in lower aggregate demand and, by consequence, lower economic growth. Repurchase of covered government and private bonds in the euro area and reactivation of U.S. dollar liquidity operations in agreement with some central banks were, apart from unlimited liquidity, of vital importance. The measures ensured reduction of the key interest rate and long-term interest rates in the money market. Since the beginning of the crisis the key interest rates were reduced gradually and reached the historic low of 1% in May 2009. The ECB did not wish to cut the interest rate any further in order to avoid the risk of liquidity trap. Due to the crisis in financial markets, changes in liquidity regulations and introduction of stricter monitoring criteria have already been announced. Apart from new liquidity indicators the regulator will in the future demand additional reports, monitoring tools for the purpose of control and analysis, which will include liquidity gaps, concentration or structure of funding, available unencumbered assets eligible as collateral and LCR by significant currency. The Basel III rules that enter into force in 2013 and become fully effective in 2019 also set higher capital adequacy levels for banks. Moreover, some countries have already introduced a special tax on total assets of banks. A European financial regulation and fiscal reform will be needed to exit the financial crisis and to prevent emergence of new ones. The European Union has set up a preventive intergovernmental mechanism that goes off if any member state is faced with a fiscal and debt crisis however, this is not enough. In order to prevent similar crises in the future it would be sensible to set up a two-pillar approach, according to which the ECB would continue to regulate inflation through the interest rate and ensure financial stability by using part of the loan granted on the basis of mortgage bonds and banks’ solvency ratios. The effect of such a measure would be similar to the emergency measure the ECB applied in the financial crisis to ensure unlimited liquidity in the banking market along with the interest rate used to maintain the macroeconomic targets. In the beginning of April 2011 the Governing Council of the ECB probably will present new key interest rates and steps in the strategy of gradual withdrawal of the measures adopted in the time of global financial crisis to boost liquidity in the financial system. The emergency measures are expected to unwind gradually.
Databáze: OpenAIRE
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