\nDac\u0103 Christine Lagarde este sincer\u0103 \u00een convingerea sa c\u0103 procesul de revizuire strategic\u0103 realizat de Banca Central\u0103 European\u0103 trebuie s\u0103 fie unul deschis \u015fi s\u0103 \u201eanalizeze toate op\u0163iunile, aceasta trebuie s\u0103 conving\u0103 consiliul guvernator al b\u0103ncii s\u0103 deschid\u0103 o discu\u0163ie despre banii din elicopter, argumenteaz\u0103 Stanislas Jourdan, director executiv al Positive Money Europe, \u015fi Eric Lonergan, economist \u015fi membru al boardului Positive Money Europe, \u00eentr-o opinie publicat\u0103 de Euractiv.<\/p>\n
\nDup\u0103 ce a e\u015fuat \u00een men\u0163inerea infla\u0163iei \u00een apropiere de \u0163inta de 2% \u00een ultimii \u015fase ani, procesul de revizuire ar trebui s\u0103-i permit\u0103 BCE s\u0103-\u015fi updateze strategia la noile provoc\u0103ri postcriz\u0103. P\u00e2n\u0103 acum, dezbaterile s-au concentrat \u00een mare m\u0103sur\u0103 pe oportunitatea redefinirii \u0163intei infla\u0163iei, \u00eens\u0103 o astfel de redefinire nu poate restaura credibilitatea BCE dac\u0103 nu este \u00eenso\u0163it\u0103 de o conversa\u0163ie profund\u0103 privind instru\u00admentele de care BCE s-ar putea folosi pentru a-\u015fi atinge aceast\u0103 \u0163int\u0103, scriu cei doi reprezentan\u0163i ai Positive Money Europe. Exist\u0103 \u00een cercurile de politic\u0103 un sentiment din ce \u00een ce mai pregnant c\u0103 BCE \u015fi-a epuizat muni\u0163ia. A\u015fa s\u0103 fie, se \u00eentreab\u0103 cei doi.<\/p>\n
\nNu este necesar ca BCE s\u0103-\u015fi transmit\u0103 politica doar prin intermediul pie\u0163elor financiare.<\/p>\n
\nDe\u015fi b\u0103ncii i se interzice s\u0103 finan\u0163eze guvernele direct, nimic din legisla\u0163ia UE nu interzice ideea banilor din elicopter prin care BCE ar putea transfera direct bani c\u0103tre to\u0163i cet\u0103\u0163enii. De\u015fi aceast\u0103 op\u0163iune nu este necesar\u0103 chiar \u00een acest moment, a venit vremea ca aceasta s\u0103 fie analizat\u0103 \u00een mod serios.<\/p>\n
\nDintr-o perspectiv\u0103 pur economic\u0103, este dificil de adus argument \u00eempotriva banilor din elicopter, scriu Jourdan \u015fi Lonergan. Astfel de transferuri s-ar traduce \u00een mare m\u0103sur\u0103 \u00een consum. Cu echivalentul a 10% din QE, BCE ar putea transfera aproximativ 900 de euro c\u0103tre to\u0163i cet\u0103\u0163enii adul\u0163i din zona euro. Dac\u0103 numai 40% din ace\u015ftia bani ar fi cheltui\u0163i, efectul ar echivala cu o cre\u015ftere de 1% a PIB-ului.<\/p>\n
\nDac\u0103 este sigur c\u0103 ideea ar func\u0163iona, de ce nu a fost implementat\u0103? \u00cen primul r\u00e2nd, mul\u0163i se tem c\u0103 o astfel de politic\u0103 ar fi un pas prea extrem din partea b\u0103ncilor centrale independente, pentru c\u0103 demarca\u0163ia dintre politica monetar\u0103 \u015fi cea fiscal\u0103 ar deveni neclar\u0103.<\/p>\n
\nProblema poate fi \u00eens\u0103 u\u015for rezolvat\u0103 prin crearea unui cadrul institu\u0163ional clar. Banca central\u0103 ar decide doza necesar\u0103 de stimulente, iar reprezentan\u0163ii ale\u015fi ar putea defini unde merg banii. \u00cen acest sens, implicarea Parlamentului European \u00een procesul de revizuire ar putea fi util, \u00een opinia celor doi.<\/p>\n
\nPentru a-\u015fi p\u0103stra credibilitatea ca banc\u0103 central\u0103 independent\u0103, BCE trebuie s\u0103 fie capabil\u0103 s\u0103 intervin\u0103 \u00een orice condi\u0163ii. P\u00e2n\u0103 la finalul procesului de revizuire, BCE ar trebuie cel pu\u0163in s\u0103 \u00eencerce s\u0103 clarifice condi\u0163iile \u00een care ar putea fi activat\u0103 op\u0163iunea banilor din elicopter, consult\u00e2ndu-se \u00een acela\u015fi timp cu alte institu\u0163ii UE pentru specificarea cadrului necesar pentru controlarea efectelor distribu\u0163ionale, sus\u0163in Stanislas Jourdan \u015fi Eric Lonergan. <\/p>\n
\n <\/p>\n","protected":false},"excerpt":{"rendered":"
Dac\u0103 Christine Lagarde este sincer\u0103 \u00een convingerea sa c\u0103 procesul de revizuire strategic\u0103 realizat de Banca Central\u0103 European\u0103 trebuie s\u0103 fie unul deschis \u015fi s\u0103 \u201eanalizeze toate op\u0163iunile, aceasta trebuie s\u0103 conving\u0103 consiliul guvernator al b\u0103ncii s\u0103 deschid\u0103 o discu\u0163ie despre banii din elicopter, argumenteaz\u0103 Stanislas Jourdan, director executiv al Positive Money Europe, \u015fi Eric […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[82,8830,326],"class_list":["post-179867","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-bani","tag-bce","tag-elicopter"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/179867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=179867"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/179867\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=179867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=179867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=179867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}