{"id":11987,"date":"2022-07-01T01:01:03","date_gmt":"2022-06-30T23:01:03","guid":{"rendered":"http:\/\/www.infokuryr.cz\/n\/?p=11987"},"modified":"2022-06-30T09:35:27","modified_gmt":"2022-06-30T07:35:27","slug":"nikoli-rusko-ale-evropska-centralni-banka-nemecky-ekonom-oznacil-vinika-rekordni-inflace","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2022\/07\/01\/nikoli-rusko-ale-evropska-centralni-banka-nemecky-ekonom-oznacil-vinika-rekordni-inflace\/","title":{"rendered":"Nikoli Rusko, ale Evropsk\u00e1 centr\u00e1ln\u00ed banka \u2013 n\u011bmeck\u00fd ekonom ozna\u010dil vin\u00edka rekordn\u00ed inflace"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<div class=\"article-intro\"><strong>Hans-Werner Sinn, b\u00fdval\u00fd \u0161\u00e9f mnichovsk\u00e9ho institutu Ifo pro ekonomick\u00fd v\u00fdzkum, uvedl, \u017ee hlavn\u00ed odpov\u011bdnost za inflaci v Evrop\u011b nese Evropsk\u00e1 centr\u00e1ln\u00ed banka (ECB) a pandemie koronaviru, a nikoli ukrajinsk\u00e1 krize a rostouc\u00ed r\u016fst. ceny ropy, informuje Compact.\u00a0Sou\u010dasn\u00e1 \u00farove\u0148 inflace v Evrop\u011b je podle n\u011bj ji\u017e neobvykle vysok\u00e1, ale situace se zhor\u0161uje a v srpnu spot\u0159ebitelsk\u00e1 inflace dos\u00e1hne 12 %.<\/strong><\/div>\n<div class=\"article-body\">\n<p><span>B\u00fdval\u00fd \u0161\u00e9f mnichovsk\u00e9ho institutu Ifo pro ekonomick\u00fd v\u00fdzkum, profesor Hans-Werner Sinn, obvinil Evropskou centr\u00e1ln\u00ed banku (ECB) z hroz\u00edc\u00ed hospod\u00e1\u0159sk\u00e9 krize.\u00a0Na finan\u010dn\u00edm kongresu ve V\u00eddni, kter\u00fd o v\u00edkendu po\u0159\u00e1dala rakousk\u00e1 spole\u010dnost obchoduj\u00edc\u00ed s drah\u00fdmi kovy GVS, zn\u00e1m\u00fd ekonom \u0159ekl, \u017ee ECB\u00a0<\/span><i><span>\u201ezap\u00e1lila pojistku\u201c<\/span><\/i><span>\u00a0a koronavirov\u00e1 krize se stala\u00a0<\/span><i><span>\u201ez\u00e1pasem, kter\u00fd v\u0161echno zap\u00e1lil\u201c.\u00a0<\/span><\/i><span>Tvrzen\u00ed, \u017ee vinu za inflaci v Evrop\u011b nese pouze Rusko, podle n\u011bj d\u00e1vaj\u00ed jen zjednodu\u0161en\u00fd obr\u00e1zek o situaci, p\u00ed\u0161e Compact.<\/span><\/p>\n<div><span>Podle Zinna inflace, kter\u00e1 ned\u00e1vno v euroz\u00f3n\u011b na rozd\u00edl od sv\u00fdch tradi\u010dn\u00edch vln p\u0159es\u00e1hla 8 %, nyn\u00ed neroste kv\u016fli zv\u00fd\u0161en\u00e9 popt\u00e1vce, ale kv\u016fli sn\u00ed\u017een\u00e9 nab\u00eddce.\u00a0Od za\u010d\u00e1tku krize zp\u016fsoben\u00e9 pandemi\u00ed koronaviru do\u0161lo k v\u00fdpadk\u016fm dod\u00e1vek oceli, d\u0159eva, mikroobvod\u016f, ho\u0159\u010d\u00edku, hlin\u00edku a v\u0161ech hlavn\u00edch komodit.\u00a0V\u00edce ne\u017e 80 % n\u011bmeck\u00fdch spole\u010dnost\u00ed uv\u00e1d\u00ed pot\u00ed\u017ee p\u0159i z\u00edsk\u00e1v\u00e1n\u00ed pr\u016fmyslov\u00e9ho zbo\u017e\u00ed na sv\u011btov\u00e9m trhu.\u00a0Takov\u00e9 probl\u00e9my m\u00e1 obvykle pouze 20 % spole\u010dnost\u00ed.<\/span><\/div>\n<div><\/div>\n<div><span>V souvislosti se sou\u010dasnou kriz\u00ed je podle Zinna nutn\u00e9 mluvit o stagflaci.\u00a0Tato situace je v N\u011bmecku pozorov\u00e1na poprv\u00e9 za 50 let.\u00a0Podle n\u011bj byli N\u011bmci postaveni p\u0159ed\u00a0<\/span><i><span>\u201ehistorickou situaci zvl\u00e1\u0161tn\u00edho druhu\u201c.\u00a0<\/span><\/i><span>Nikoli ukrajinsk\u00e1 krize, ale neuv\u00e1\u017een\u00e1 opat\u0159en\u00ed kv\u016fli koronaviru, kter\u00e1 naru\u0161ila pr\u00e1ci \u010d\u00ednsk\u00fdch p\u0159\u00edstav\u016f, v\u00fdrazn\u011b zv\u00fd\u0161ila nedostatek zbo\u017e\u00ed.\u00a0V\u00fdrobn\u00ed n\u00e1klady firem se n\u011bkolikan\u00e1sobn\u011b zv\u00fd\u0161ily a r\u016fst cen \u010d\u00e1ste\u010dn\u011b nesli koncov\u00ed spot\u0159ebitel\u00e9.<\/span><\/div>\n<div><\/div>\n<div><span>I kdy\u017e m\u00e1 sou\u010dasn\u00e1 ropn\u00e1 krize tak\u00e9 dopad na inflaci, je nespr\u00e1vn\u00e9 ji pova\u017eovat za jedinou p\u0159\u00ed\u010dinu, tvrd\u00ed Zinn.\u00a0Ropn\u00e1 krize je jen d\u016fsledkem p\u0159edchoz\u00edch probl\u00e9m\u016f.\u00a0Arab\u0161t\u00ed \u0161ejkov\u00e9 dokonce na za\u010d\u00e1tku krize zp\u016fsoben\u00e9 pandemi\u00ed omezovali produkci ropy, aby zastavili dal\u0161\u00ed klesaj\u00edc\u00ed ceny.\u00a0Cena se pak rychle vr\u00e1tila na p\u0159edchoz\u00ed \u00farove\u0148, ale nebylo mo\u017en\u00e9 dos\u00e1hnout p\u0159edkrizov\u00fdch objem\u016f v\u00fdroby.\u00a0V t\u00e9to oblasti je tak\u00e9 nedostatek nab\u00eddky.<\/span><\/div>\n<div><\/div>\n<div><span>Sou\u010dasn\u00e1 m\u00edra inflace je ji\u017e neobvykle vysok\u00e1, ale situace se zhor\u0161uje: v N\u011bmecku vzrostly ceny v\u00fdrobc\u016f ji\u017e o 33,6 % a ve \u0160pan\u011blsku a It\u00e1lii o v\u00edce ne\u017e 40 %.\u00a0To se pln\u011b neprojevuje ve spot\u0159ebitelsk\u00fdch cen\u00e1ch, ale ty se zvy\u0161uj\u00ed minim\u00e1ln\u011b o t\u0159etinu t\u011bchto hodnot.\u00a0Spot\u0159ebitelsk\u00e1 inflace v\u017edy zaost\u00e1v\u00e1 zhruba o t\u0159i m\u011bs\u00edce.\u00a0Dvoucifern\u00e9 hodnoty, konkr\u00e9tn\u011b 12 %, lze tedy o\u010dek\u00e1vat ji\u017e v srpnu.\u00a0<\/span><i><span>\u201eMnoho m\u00e9di\u00ed si\u00a0 v\u0161ak\u00a0<\/span><\/i><i><span>n\u00e1znaky bl\u00ed\u017e\u00edc\u00ed se hyperinflace t\u00e9m\u011b\u0159 nev\u0161imne\u00a0<\/span><\/i><i><span>, a pokud si toho v\u0161imnou, pak pouze jednostrann\u00fdm pokryt\u00edm ud\u00e1lost\u00ed<\/span><\/i><span>\u00a0\u2013\u00a0<\/span><i><span>v kontextu ukrajinsk\u00e9 krize a cen ropy,\u201c<\/span><\/i><span>\u00a0zd\u016fraz\u0148uje ekonom.<\/span><\/div>\n<div><\/div>\n<div><span>N\u00e1kupem vl\u00e1dn\u00edch cenn\u00fdch pap\u00edr\u016f v hodnot\u011b 5,3 bilionu eur ECB p\u0159ed mnoha lety\u00a0<\/span><i><span>\u201epolo\u017eila z\u00e1klady tohoto po\u017e\u00e1ru\u201c<\/span><\/i><span>\u00a0\u2013 a proto \u201e\u00a0<\/span><em><span>nese v\u011bt\u0161inu odpov\u011bdnosti<\/span><\/em><span>\u00a0\u201c za sou\u010dasnou krizi.\u00a0Nekone\u010dn\u00e9 tisknut\u00ed pen\u011bz vedlo k obrovsk\u00e9 expanzi pen\u011b\u017en\u00ed z\u00e1soby.\u00a0ECB m\u016f\u017ee zastavit inflaci pouze v p\u0159\u00edpad\u011b, \u017ee prod\u00e1 st\u00e1tn\u00ed dluhopisy za v\u00edce ne\u017e 4 biliony eur.\u00a0To je v\u0161ak t\u00e9m\u011b\u0159 nemo\u017en\u00e9, proto\u017ee splatnost t\u011bchto dluhopis\u016f je omezena na 31 let, z d\u016fvodu zp\u011btn\u00e9ho odkupu ztrat\u00ed trhy cenn\u00fdch pap\u00edr\u016f nakupuj\u00edc\u00edch zem\u00ed likviditu a samy zbankrotuj\u00ed \u2013 co\u017e znamen\u00e1, \u017ee v tuto chv\u00edli vznik\u00e1 nez\u00e1jem je koupit, \u0159ekl Zinn.<\/span><\/div>\n<div><\/div>\n<div><i><span>\u201e\u017d\u00e1dn\u00e9 sv\u011btl\u00e9 vyhl\u00eddky do budoucna.\u00a0Ale n\u011bkdo mus\u00ed sd\u011blit \u0161patn\u00e9 zpr\u00e1vy ob\u010dan\u016fm, pokud je feder\u00e1ln\u00ed vl\u00e1da p\u0159\u00edli\u0161 zbab\u011bl\u00e1 na to, aby \u0159ekla pravdu<\/span><\/i><span>\u00a0,\u201c uzav\u00edr\u00e1 Compact.\u00a0<span id=\"span-copy\"><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1185\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2021\/04\/kuryr-podpis.png\" alt=\"\" width=\"84\" height=\"24\" \/><br \/>\n<\/span><\/span><\/div>\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Hans-Werner Sinn, b\u00fdval\u00fd \u0161\u00e9f mnichovsk\u00e9ho institutu Ifo pro ekonomick\u00fd v\u00fdzkum, uvedl, \u017ee hlavn\u00ed odpov\u011bdnost za&#8230;<\/p>\n","protected":false},"author":2,"featured_media":11670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[59,2706,683,371,84],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/11987"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=11987"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/11987\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/11670"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=11987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=11987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=11987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}