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Deutsche Bank CEO Says Negative Rates Ruin Financial System

More monetary easing by the European Central Bank, as widely expected next week, will have “grave side effects” for a region that has already lived with negative interest rates for half a decade.

Few economists believe another cut at this level would actually help the economy, and clients are telling the bank they won’t invest a single euro more just because rates go 10 basis points lower, Sewing said at a conference in Frankfurt. 

All it would achieve is to further divide society by lifting asset prices while punishing Europe’s savers who are already paying 160 billion euros ($176 billion) a year because of negative interest rates, he said.

Bloomberg 4 September 2019

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