A tradição do Bundesbank em xeque

Ótima entrevista do atual presidente do Bundesbank (Banco Central alemão) no Der Spiegel. Seguem alguns trechos abaixo. Eu confesso que tenho profunda admiração pela ortodoxia do Bundesbank, por seu foco no longo prazo a despeito dos custos e riscos de curto prazo. Infelizmente, o Bundesbank está cada vez mais perto da morte, e sua tradição ortodoxa provavelmente será eliminada dentro do BCE nesta crise.

"Just because you don't have a majority for your position at all times doesn't mean you should stop defending it."

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SPIEGEL: But the problem is that the ECB is indeed the only institution capable of taking action in the crisis. The ECB is only supposed to perform a bridge function until the expanded bailout fund is in effect, which will then provide policymakers with the necessary instruments.

Weidmann: I would also like to see us reach the other end of the bridge quickly. But what if this so-called bridge leads to nowhere? It is both wrong and highly dangerous to create the impression that the ECB is the only player capable of taking action in the crisis. Fiscal policymakers are fundamentally capable of taking action.

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SPIEGEL: This means that your colleagues on the ECB Council operate outside the mandate of monetary policy.

Weidmann: I didn't say that. No one on the ECB Council takes these decisions lightly. But it is indisputable that the purchase of bonds on the secondary market doesn't solve the underlying problems. The over-indebtedness of many national budgets and the lack of competitiveness of a number of euro-zone countries can only be corrected with effective reforms.

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"Part of the regulatory framework of the monetary union is to uphold agreements. This means that Greece must live up to its commitments, and that there will be no aid payments if these promises aren't kept. Otherwise we would be setting false incentives."

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"All I'm saying is that lawmakers must decide between two models: a model with autonomous members, who are not liable for others and are disciplined by the market, and a model with deeper political integration. There is no stable middle ground. I think it's a dangerous approach to bring about a communization of liabilities among independent national fiscal policymakers, in the hope of achieving stronger political integration, without real intervention rights and sanctions."

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SPIEGEL: That means returning to Maastricht, even though the model has just failed.

Weidmann: Not because the framework was wrong, but because the rules were violated and bent. Those who violate the rules must be sanctioned, and it has to happen automatically. It is not acceptable for sinners to be passing judgment on sinners. And the markets' disciplining function cannot be disabled.