In the topsy-turvy world of negative rates, the ECB is paying banks to extend credit to the economy
locked in a dark room. Fearful of slamming into a wall or tripping, you inch forwards, arms outstretched. That is roughly how the European Central Bank has approached interest-rate cuts since it first ventured into sub-zero territory in 2014. It knows there is a limit to how low rates can go, and that the limit is near, but, like the economics profession more broadly, it has no idea when it will hit the wall. With growth and inflation subdued, it cut rates gingerly, by 0.
Since then they have come in several flavours, froms, for the “pandemic emergency”, announced in April. And the intention behind them has changed.s are a way to encourage banks to lend to the private sector. The more a bank lends to households and businesses, the lower the rate at which it can access. And in the topsy-turvy world of negative rates, theThis sort of scheme is hardly unique. The Bank of England has something similar. But one feature makes the’s benchmark interest rates.
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