El discurso del presidente del BCE pronunciado el pasado día 18 de noviembre nos enfrenta con los retos actuales de la política monetaria. El presidente nos recuerda lo siguiente:
ECB: Continuity, consistency and credibility
"Three principles are of the essence: continuity, consistency and credibility.
Continuity first and foremost refers to our primary objective of maintaining price stability over the medium term.
Consistency means to act in line with our primary objective and with our strategy both in time and over time.
Credibility implies that our monetary policy is successful in anchoring inflation expectations over the medium and longer term. This is the major contribution we can make in support of sustainable growth, employment creation and financial stability. And we are making this contribution in full independence.
Gaining credibility is a long and laborious process. Maintaining it is a permanent challenge. But losing credibility can happen quickly – and history shows that regaining it has huge economic and social costs.
These three principles – continuity, consistency and credibility – are at the root of the Governing Council’s outstanding record during the past 13 years in terms of price stability and anchoring inflation expectations.
National economic policies are equally responsible for restoring and maintaining financial stability. Solid public finances and structural reforms – which lay the basis for competitiveness, sustainable growth and job creation – are two of the essential elements."
Estos tres principios se sostienen, a su vez, en otro que el Presidente no ha aludido pero que se sobrentiende: la independencia del actor encargado de ejecutar aquella política monetaria conforme a los principios señalados. Un Banco Central que no es independiente no puede desarrollar una política monetaria continua, consistente y creíble. Y aquí entra en juego la tensión con la política. La política intenta colonizar al actor para que ponga aquella política al servicio de objetivos políticos. Esto es lo que estamos viendo en estos días. La tensión entre la política y la independencia que es la tensión entre la politica y la política monetaria que responda a los tres principios señalados.ECB: Continuity, consistency and credibility
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