THE ROLE OF CENTRAL BANK DURING FINANCIAL CRISIS

Kot vzrok za trenutno finančno krizo se največkrat poudarja pok nepremičninskega balona v ZDA, kar je posledično vodilo k padcu cen nepremičnin. Mnogi govorijo o pohlepu bankirjev, drugi pa o prevelikem povečanje drugorazrednih posojil. Kot pomemben vzrok so tudi izvedeni finančni instrumenti, ki so s tem posledično povezani na globalizacijo. Finančno krizo je prav tako dodatno poglobila ena največjih investicijskih bank Lehman Brothers, ko je razglasila stečajni postopek. Finančna kriza je prizadela vse države. Nekatere države so bile prizadete bolj druge manj odvisno od njihove politike in njihovega proračuna. V evroobmočju so se z največjimi težavami srečevale države pod imenom prašiči (PIGS). Gre za Portugalsko, Italijo, Irsko, Grčijo in Španijo. Tem državam je skupno naraščajoč proračunski primanjkljaj, ki je združen s slabo gospodarsko rastjo. Med njimi je izpostavljena najbolj Grčija, kot njeno naslednico pa mnogi vidijo Španijo. Za reševanje finančne krize v evroobmočju ima pomembno vlogo Evropska centralna banka (ECB). ECB upravlja predvsem likvidnost ter usmerjanje kratkoročne obrestne mere. Za dosego osnovnega cilja, to je stabilnost cen, uporablja različne instrumente denarne politike in sicer z operacijo na odprtem trgu, z odprto ponudbo bankam ter z obveznimi rezervami. Za reševanje globalne finančne krize pa klasični instrumenti niso bili dovolj, zato je morala ECB uvesti nove instrumente, ki jih imenujemo nestandardni ukrepi reševanja finančne krize.As the cause of current financial crisis is often stressed the explosion of the U.S. housing bubble, which in turn led to a fall of property prices. Many people are saying that bankers crave for money, others are saying that subprime loans increase too much. As an important reason are also derivatives, which are consequently related to globalization. Financial crisis has also further deepened one of the biggest investment banks Lehman Brothers when it declared bankruptcy. The financial crisis has affected all countries. Some countries have been affected more than others depending on their policies and their budget. The greatest difficulties in the euro area experienced the countries called PIGS. These are Portugal, Italy, Ireland, Greece and Spain. These countries have in common a rising budget deficit, which is associated with low economic growth. The most exposed among them is Greece, and many see Spain as its successor. European central bank (ECB) has an important role to address the financial crisis in euro area. The ECB manly operates liquidity and short-term interest rate direction. It uses various instruments of monetary policy to achieve the basic objective, ie. price stability, namely with open market operation, with open offer to banks and the statutory reserves. The traditional instruments were not enough to address the global financial crisis, therefore ECB had to introduce new instruments, called non-standard measures for addressing the financial crisis