THE FUNCTION OF THE EUROPEAN CENTRAL BANK IN FINANCIAL CRISIS

Finančni sistem, kot je deloval teh zadnjih nekaj let, voden z napačnimi spodbudami in z uvedbo različnih vrst zapletenih finančnih produktov v ozadju makroekonomskega neravnovesja, ne bi mogel več vzdržati. Cikel sredstev se je obrnil, pokazala se je gospodarska pomanjkljivost zadnjih let in investitorji so nenadoma izgubili zaupanje v delovanje finančnega sistema. Priča smo bili nenadnemu in takojšnemu prelivanju finančne krize v realno gospodarstvo. Kreditni krč in zaupanje vlagateljev je poškodovalo realno ekonomijo in odnos med finančnim sektorjem ter gospodarstvom se je ohromil. Vse od tedaj je postala glavna prioriteta finančnih institucij ter gospodarstva vzpostavitev normalnega in zdravega odnosa v delovanju globalne ekonomije. Finančna kriza je prizadela vse ekonomije sveta - tako države v razvoju kot tudi moderne ekonomije. Monetarna politika ECB je usmerjena v doseganje stabilnosti cen ter podpiranje pogojev za trajno finančno ter ekonomsko stabilnost. ECB se je na spreminjajoče razmere odzvala hitro, fleksibilno in predvsem premišljeno. Svoje ogrodje delovanja je prilagodila kriznim razmeram ter uvedla pričakovani nabor nestandardnih ukrepov delovanja monetarne politike. Kar zadeva politiko obrestnih mer ECB, je Svet guvernerjev ECB reagiral premišljeno in v skladu z nastalimi finančnimi kriznimi razmerami na trgu. Ključno obrestno mero je ECB od oktobra 2008 zmanjšala za 325 bazičnih točk. To je bila najnižja obrestna mera v desetletnem obdobju delovanja ECB. Ta ukrep je bil tesno povezan s strategijo ECB. ECB je uvedla tudi nabor nestandardnih ukrepov monetarne politike, povezanih z zagotavljanjem dodatne likvidnosti. V začetku finančne krize leta 2007 je ECB v nekaj urah začasno namenila dodatno likvidnost bankam s takojšnjo pomočjo v obsegu likvidnostnih potreb finančnega trga. ECB je v bistvu prva centralna banka, ki je uvedla nestandardne ukrepe v svoji politiki delovanja. Centralne banke imajo bistveno vlogo v zagotavljanju monetarne in finančne stabilnosti v daljšem obdobju. Svetovna ekonomija se lahko na centralne banke zanese, da bodo ravnale odgovorno ter se zavedale, da so glavni akterji zagotavljanja stabilnosti, ki je v teh kriznih časih najbolj pomembna. ECB bo kot velik akter svetovne ekonomije po našem mnenju nadaljevala vlogo evropskega stabilizatorja na evropskem finančnem trgu ter zaupnika v teh kriznih časih.The financial system as it worked over the past decade - with its incorect incentives and the introduction of overly complex financial products withing macroeconomic imbalances - was no longer sustainable. The funding cycle was reversed showing the economic weakness of last years and investors suddenly lost confidence in the functioning of financial system. We have witnessed a sudden and almost immediate spillover of financial crisis in the real economy. The credit crunch and loss of investor’s confidence has damaged the real economy developing a negative feedback between the financial sector and the economy. Since then has become a major feature of economic and financial institutions reestablishment of normal and helthy relationship in the functioning of the global economy. The financial crisis has affected all the economies of the world - both developing countries as well as the modern economy. The policy of ECB is geared towards price stability and supporting the conditions for sustained financial and economic stability. ECB has reacted to changing conditions quickly, flexibly and in particular sound. Its operating structure has been adapted to crisis. It introduced expected range of non-standard measures of monetary policy operation. Regarding interest rate policy of the ECB, the Governing Council has considered and reacted in accordance with the financial crisis on the market. They have lowered our key interest rate by 325 basis points since October 2008. This is the lowest rate ever decided in the ten-year period of the ECB. This measure was closely related to the strategy of the ECB. The ECB has also introduced a set of non-standard measures of monetary policy associated to provision of additional liquidity. At the very start of the financial crisis in 2007, the ECB reacted within a few hours and temporarily allocated additional liquidity to banks with immediate assistance to the extent of the liquidity needs of the financial market. The ECB is in fact the first central bank which introduced non-standard measures. Central banks play a vital role in ensuring monetary and financial stability in a long-term perspective. The world economy can rely on central banks to act responsibly and be aware, that they are main actors in ensuring stability in these times of crisis, what is more needed than ever. The European Central Bank, as a mayor player, will, in our opinion, continue to be an anchor of stability in European financial market and the trustee in these times of crisis