domingo, 13 de novembro de 2011

O ponto de vista alemão (2)

Importante entrevista do presidente do banco central alemão (Bundesbank), Jens Weidmann(JW), ao Finantial Times(FT). Um excerto com um destinatário luso em especial:
FT: Can you explain why the ECB cannot be lender of last resort?

JW: The eurosystem is a lender of last resort – for solvent but illiquid banks. It must not be a lender of last resort for sovereigns because this would violate Article 123 of the EU treaty [prohibiting monetary financing – or central bank funding of governments]. I cannot see how you can ensure the stability of a monetary union by violating its legal provisions.
I think the prohibition of monetary financing is very important in ensuring the credibility and independence of the central bank, which allow us to deliver on our primary objective of price stability. This is a very fundamental issue. If we now overstep that mandate, we call into question our own independence.

FT: The impression is that the Bundesbank will stick by principles until the whole house burns down ...

JW: Right now we’re talking about the EU treaty and I don’t see how you can build trust in a system that violates laws.

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