Αξιοπιστία και ικανότητα

Αντιγράφω επιστολή με τίτλο “What happens when trust in central banks erodes” στην Φαϊνάνσιαλ Τάιμς  της 26 Αυγούστου 2022 – και την προσυπογράφω.

“In your timely editorial ‘A pivotal moment for the world’s central banks’ (FT View, August 23) you note that ‘to blame monetary policymakers wholly for the cost of living crisis would be unfair. A lot has been outside their control, and shrouded in uncertainty.’

True perhaps, but surely it is also fair to claim the reverse — that to congratulate monetary policymakers for the low inflation from the late 1990s would be unfair, as much of the low inflation from that time related to the entry of China into the World Trade Organization.

Your editorial also states that ‘history offers ample proof that politicians cannot be trusted with deciding monetary policy’. Maybe. Yet I remember it was politicians who raised base rates in the early 1980s to about 16 per cent in an effort to control inflation of about 16 per cent. At great cost, inflation was brought down — I lost my job as a result of politicians ‘deciding monetary policy’, so am acutely aware of those times.

Meanwhile one could fairly claim that central bankers cannot be trusted because it is they who helped stoke asset price inflation, a massive build-up of debt and thus laid the ground for the 2008 financial crisis.

In all, we can go round in circles blaming and pointing the finger but let us not forget: central bank independence was granted because politicians were viewed as being unreliable in controlling inflation. One wonders then, where does that leave us when central banks lose our trust in their ability to preserve the value of money?”

Martin Hewes

Founder, Hewes & Associates

Haslemere, Surrey, UK

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