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Kurz vorgestellt: Geldpolitik

Welche Aufgaben haben die Zentralbanken und was bewirkt der Leitzins? Die Salzburger Finanzdienstleister geben einen Überblick über wichtige Begriffe der Geldpoltitik.

Zentralbank, Leitzins oder Inflation sind gängige Begriffe und bekannt, aber was versteht man eigentlich genau unter Geldpolitik? Hier ein Einblick ins Thema:

Die Zentralbank ist die „Bank der Banken“, das heißt sie ist zuständig für die Geldpolitik eines Währungsraumes. Das umfasst alle wirtschaftspolitischen Handlungen, die zur Stabilität des Geldmarkts beitragen. Die „Hausbank“ des österreichischen Staates ist die Österreichische Nationalbank. Ziel der Geldpolitik ist es, die Geldmenge und Geldversorgung zu steuern. Oberste Priorität hat dabei die Geldwertstabilität. Inflation und Deflation sollen verhindert werden, da sie sich negativ auf die wirtschaftliche Lage auswirken. Eine Preisstabilität sichert die Kaufkraft und nützt daher Konsumenten, Arbeitnehmern und der Wirtschaft. Die Zentralbanken regeln auch die Ausgabe der Banknoten eines Staates und vertreten ihr Land bei den internationalen Währungsinstituten.

Geldpolitik im Euroraum

In der Europäischen Währungsunion steht die Europäische Zentralbank (EZB) an der Spitze aller nationalen Zentralbanken. Ziel der europäischen Geldpolitik ist die Preisstabilität im Euroraum. Die EZB trifft dabei die geldpolitischen Entscheidungen. Ein wichtiges Instrument ist dafür die Zinspolitik mit der Kontrolle der Geldmarktzinsen. Die Höhe der Zinsen beeinflusst die Nachfrage und damit die Preisentwicklung. So verteuern höhere Leitzinsen etwa Kredite, dämpfen die Investi­tionen und den Konsum – das Wirtschaftswachstum und somit die Inflationsrate gehen zurück. Bei niedrigen Zinsen ist es umgekehrt. Bei einer Inflation (= Geldentwertung) betreiben die Zentralbanken eine strenge Geldpolitik mit dem Ziel, die Geldmenge zu reduzieren, um Stabilität zu erreichen

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. Bei einer Deflation (= sinkende Preise) hingegen wird eine wachsende Geldpolitik betrieben. Im Euroraum gilt als Richtwert für die Preisstabilität eine Inflationsrate von knapp zwei Prozent.

Die Geldpolitik sorgt dafür, dass der Finanzsektor funktioniert: Zentralbanken sind für die Erleichterung in der Abwicklung des Zahlungsverkehrs, der Regulierung der Geldmenge in Abhängigkeit der wirtschaftlichen Bedürfnisse sowie die Wertsicherung der Währung, den Ausgleich der Zahlungsbilanz und die Verwaltung der Währungsreserven zuständig. Die Zentralbanken versuchen, bei problematischen Entwicklungen gegenzusteuern und regulierend einzugreifen. Ein Beispiel dafür ist die Bankenrettung nach der Finanzkrise ab 2008. In der Wirtschaftskrise wirkte die europäische Geldpolitik mit gemeinsamen Maßnahmen als Schutzschild vor noch größeren wirtschaftlichen Folgen.  

Preisstabilität stellt gute Wirtschaftslage sicher

Die geldpolitischen Strategien im Euroraum und der einzelnen Zentralbanken schaffen die Basis für die geldpolitischen Entscheidungen, die dem Erhalt einer guten wirtschaftlichen Lage dienen. Oberstes Ziel der Geldpolitik ist die Preisstabilität, denn das macht Anschaffungen und Investitionen planbar. Alle nationalen und europäischen geldpolitischen Maßnahmen dienen diesem Zweck. Die Zentralbanken nehmen dabei als Hüter der Währung die Aufgabe wahr, mit entsprechenden Maßnahmen regulierend einzugreifen, um diese Stabilität sicherzustellen.

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