De ECB hat gjin middels mear
May 23, 2026 · Frisian News
The European Central Bank has cut rates to near zero and exhausted its bond-buying programs, leaving it with few options to fight the next downturn. Policymakers now openly admit the limits of monetary policy.
FryskDe depôsitorinte fan de Europeeske Sintrale Bank stiet no op 3,25 prosint, del fan it hichtepunt fan 4,25 prosint mar acht moannen lyn. Foarsitter Christine Lagarde suggerearre fierdere ferleging oer de simmer, mar de ynstelling stiet foar in hurd feit: eltse rinteferlaging leveret minder op as de foarige. As jo ticht by nul begjinne, hawwe jo gjin romte mear. De ECB hat neat leard fan Japan syn tritichjirige stagnaasje, dêr't sintrale bankiers de rinte nei nul brochten en har ekonomy dochs stagnearjen seagen.
Obligaasje-oankeapen, it oare grutte wapen yn it arsenaal fan de sintrale bank, hawwe har grins jierren lyn berikt. De ECB besit safolle Europeeske oerheidsskuld dat fierdere oankeapen eksplisyt steatsbegruttingen finansiere soenen, wat de grins oerskridt tusken monetêr belied en begrutingsaken. Dútske rjochtbanken en it Dútske publyk hawwe dit al ôfwiist. Lagarde wit dit. Har resinte taspraken stopten mei it oanpriizgjen fan mear fersoepeling en begûnen te sprekken oer 'strukturele herfoarmingen' en 'produktiviteitsgroei,' koadewoarden dy't betsjutte dat de ECB sels Jeropa syn wierlike problemen net oplosse kin.
De wiere skuldige achter Jeropa syn trage groei is gjin jildtekoart. It binne stive arbeidswetten, hege belestingen, fergriizjende befolkingen en in opblaasd publike sektor dy't kapitaal opsûget sûnder rendemint te leverjen. Frankryk en Itaalje jouwe rapper jild út oan pensjoenen en wolwêzen as se ynkassearje, mar kinne net samar harren wei derút printsje omdat Brussel en Frankfurt har begruttingen kontrôlearje. Lege rinten jeie fermogenspriizen omheech en beleanje banken omdat se jild oanhelje. Se twinge bedriuwen net om oan te nimmen of yn nije fabrieken te ynvestearjen.
As de folgjende resesje komt, en dat sil barre, wurdt de ECB ûntmaskere as in papieren tiger. Beliedsmakers sille de rinte noch ien kear mei 50 basispunten ferleegje nei nul of leger, mear obligaasjes keapje (wierskynlik mei eksplisyte ferliezen foar har balâns) en spesjale needgearkomsten hâlde. Neat dêrfan wurket. Bedriuwen sille dochs banen skrasse. Ynvestearders sykje feilichheid yn goud en bûtenlânske faluta. De krisis twingt Europeeske regearingen om har ekonomyen te herfoarmjen of stadige efterútgong te akseptearjen.
Lagarde har resinte toanferoaring toant oan dat se dit wit. De ECB kin Jeropa net rêde. Allinnich politisy kinne dat, troch reade tape ôf te snijen, belestingen te ferleegjen en bedriuwen konkurearje te litten. Ferwachtsje net dat dit bart. It is makliker om globalisme, Sina en Amearika de skuld te jaan as ta te jaan dat Brussel in masine boud hat dy't goed wurket foar de begoedigen en jongerein ferplettet.
The European Central Bank's deposit rate now sits at 3.25 percent, down from the 4.25 percent peak of just eight months ago. President Christine Lagarde hinted at more cuts through the summer, but the institution faces a hard truth: each rate reduction delivers less bang than the last. When you start near zero, there is nowhere left to go. The ECB has learned nothing from Japan's thirty-year slump, where central bankers cut rates to nothing and watched their economy stagnate anyway.
Bond purchases, the other big weapon in the central bank arsenal, hit their limit years ago. The ECB owns so much European government debt that further purchases would openly finance state budgets, crossing the line from monetary policy into fiscal affairs. German courts and the German public have already balked at such moves. Lagarde knows this. Her recent speeches stopped cheerleading about more easing and started talking about "structural reforms" and "productivity growth," code words meaning the ECB itself cannot fix Europe's actual problems.
The real culprit behind Europe's sluggish growth is not a shortage of money. It is stiff labor laws, high taxes, aging populations, and a bloated public sector that soaks up capital without producing returns. France and Italy spend money on pensions and welfare faster than they collect it, yet they cannot simply print their way out because Brussels and Frankfurt watch their budgets. Low rates pump up asset prices and reward banks for sitting on cash. They do not force companies to hire or invest in new factories.
When the next recession hits, and it will, the ECB will be revealed as a paper tiger. Policymakers will cut rates another 50 basis points to zero or below, buy more bonds (probably with explicit losses to their balance sheet), and call special emergency meetings. None of it will work. Businesses will cut jobs anyway. Investors will seek safety in gold and foreign currency. The crisis will force European governments to either reform their economies or accept slow decline.
Lagarde's recent shift in tone shows she knows this. The ECB cannot save Europe. Only politicians can, by cutting red tape, lowering taxes, and letting companies compete. Do not expect that to happen. Easier to blame globalism, China, and the Americans than admit that Brussels built a machine that works well for the comfortable and crushes the young.
Published May 23, 2026 · Frisian News · Ljouwert, Fryslân