Riaan 
I-European Central Bank inyuse inzalo ngamaphuzu angama-50 ngoLwesine njengoba ithembise ukunqanda ukwehla kwamandla emali, indiva izinxushunxushu ezimakethe zezimali kanye nezingcingo zabatshalizimali ukuthi bashayele emuva inqubomgomo eqinisayo okungenani kuze kube yilapho umuzwa uzinzile.
I-ECB ibilokhu inyusa amanani ngesivinini sayo esisheshayo esirekhodiwe, kodwa umkhuba ezimakethe zomhlaba kusukela ukuwa kwe-Silicon Valley Bank (SVB) e-United States ngesonto eledlule isongele ukukhuphula lezo zinhlelo ngomzuzu wokugcina.
Ngokuhambisana nesiqondiso salo esivame ukuphindwa, ibhange elimaphakathi lamazwe angama-20 ahlanganyela nge-euro lenyuse izinga lediphozithi laya ku-3%, okuyizinga eliphakeme kakhulu kusukela ngasekupheleni kuka-2008, njengoba ukwehla kwamandla emali kubonakala kweqa umgomo walo ongu-2% kuze kube ngu-2025.
“Ukwehla kwamandla emali kulindeleke ukuthi kuhlale kuphezulu kakhulu isikhathi eside,” kusho uMengameli we-ECB uChristine Lagarde ekhuluma nesithangami sabezindaba, efunda isitatimende okuvunyelwene ngaso ngabakhi benqubomgomo baleli bhange.
“UMkhandlu Ophethe ukubhekisisa ukungezwani kwezimakethe njengamanje futhi umi ngomumo ukuphendula njengoba kunesidingo ukuze kulondolozwe ukuzinza kwamanani kanye nokuzinza kwezezimali endaweni ye-euro,” esho, ngenkathi enezela ukuthi amabhange akulesi sifunda anezikhundla eziqinile zezimali kanye nezimali.
Lesi sitatimende asizange sinikeze izibopho zesikhathi esizayo, naphezu kwezingcingo zangaphambilini zohlu olude lwabakhi benqubomgomo mayelana nezinyathelo ezinkulu ekulweni nokwehla kwamandla emali.
“Siyazi ukuthi uma isisekelo sethu besingaqhubeka lapho ukungaqiniseki kuncipha, kuningi okumele sikuhlanganise,” kusho uLagarde.
“Kodwa kuyisixwayiso esikhulu, ‘uma isisekelo sethu besizophikelela’,” engeza, ephawula ukuthi okwamanje akunakwenzeka ukucacisa indlela yesikhathi esizayo yezilinganiso zenzalo phakathi nokungaqiniseki “okuphakeme ngokuphelele” okuvela emalini yemakethe.
I-euro kanye ne-bond ikhiqiza ngemuva kokuthutha. Ngaphambilini, ngemva kwezinsuku zokuphazamiseka ezimakethe, abatshalizimali bezezimali babone ithuba elingama-50% lokuhamba kwamaphuzu angu-25 amancane yi-ECB futhi banciphisa okulindelekile ngokuhamba kwesikhathi esizayo.
U-Lagarde ugcizelele ukuthi umkhakha wamabhange uwonke “usesimweni esiqine kakhulu” kunalokho owawukuso ngesikhathi senhlekelele yezimali ngo-2008. Amasheya ebhange le-Euro nokho ashaye phansi ezinyangeni ezimbili ngemuva komnyakazo wezinga ngaphambi kokululama kancane.
Lawo masheya asebhange abelokhu ewa kuleli sonto, aqale aphazanyiswa ukuwa kwe-SVB, kwase kwehla inani le-Credit Suisse, umbolekisi osenesikhathi eside ekhungethwe yizinkinga.
Kodwa i-Swiss National Bank yaphonsela i-Credit Suisse umzila wokuphila ongama-dollar ayizigidi eziyizinkulungwane ezingama-54 ngobusuku obubodwa, umbukiso omkhulu owanele wokuthumela amasheya ayo abuyele emuva cishe ku-20% futhi akhuphule ezinye izitoko zamabhange.
Ukukhathazeka okuyinhloko kwe-ECB ukuthi inqubomgomo yezimali isebenza ngohlelo lwamabhange, futhi inkinga yezezimali egcwele ingenza inqubomgomo yayo ingasebenzi.
Lokho kwashiya i-ECB isenkingeni, ibeka igunya layo lokulwa nokwehla kwamandla emali nesidingo sokugcina uzinzo kwezezimali lapho ibhekene nezinxushunxushu ezivela kwamanye amazwe.
IPhini likaMongameli we-ECB uLuis de Guindos uthe ukuchayeka kwe-euro ku-Credit Suisse “kunomkhawulo impela” futhi uLagarde waphawula ukuthi kunoma yikuphi, amathuluzi enqubomgomo i-ECB enawo asho ukuthi akukho ukuhwebelana phakathi kokusimama kwezimali kanye namanani.
Ukwehla kwamandla emali, okuyisibopho esiyinhloko sebhange, kuphezulu kakhulu kunezinhlekelele ezedlule futhi ukuqagela okusha kwe-ECB, okushicilelwe ngoLwesine, kubeka ukukhula kwentengo ngaphezu komgomo walo owu-2% kuze kube ngu-2025, okukhathaza kakhulu abaningi babakhi bezinqubomgomo.
Ukwehla kwamandla emali kubonakala ku-5.3% kulo nyaka, u-2.9% ngo-2024 kanye no-2.1% ngo-2025, kusho i-ECB, yengeza ngokuthi lezi zibalo zaqedwa ngaphambi kwesiphithiphithi esikhona.
ULagarde ubalule ukuthi ibhange seliqala ukubona izimpawu zokuthi ukuqiniswa kwenqubomgomo yalo kunomthelela emnothweni, ikakhulukazi ngemigudu yezikweletu.
Nakuba izingqinamba zamabhange ezihlelekile zivame ukuwohloka kakhulu, uhlelo lwezezimali lwe-euro zone lusesimeni salo esihle kakhulu eminyakeni edlule, lunemali enkulu, imali eyi-liquidity kanye nenzuzo konke kumazinga anempilo.
Abanye osomnotho baphinde baphikisa ngokuthi i-ECB inamathuluzi amaningi okulwa nokucindezeleka kwemakethe, ngakho-ke bekungadingeki ukuba idele umnyakazo wezinga ukuze kugcinwe izimpahla zezimali ziqinile.
Lokho kugcizelelwe esitatimendeni se-ECB, esiphawule ukuthi ikhithi yamathuluzi yenqubomgomo “yayihlome ngokugcwele ukuhlinzeka ngoxhaso lwemali yemali ohlelweni lwezimali lwendawo ye-euro uma kudingeka kanye nokugcina ukudluliswa kwenqubomgomo yezimali ngendlela efanele”.
