Schweiziska franc, negativa räntor och Animal Spirits

SNB President Martin Schlegel has said that negative borrowing costs — which were in place from 2015 to 2022 — are an option, although “no one likes” them. 

OBS 2007 GFC

The Global Financial Crisis

https://www.rba.gov.au/education/resources/explainers/the-global-financial-crisis.html

When the global financial system suddenly collapsed in 2008...

https://englundmacro.blogspot.com/2024/11/when-global-financial-system-suddenly.html

It’s absolutely astonishing this NIRP — negative interest-rate policy

 — in Europe, and Japan, and Switzerland. 

And ZIRP [zero-interest rate policy] for, what, 10 years, in the U.S.? It’s crazy.”

https://englundmacro.blogspot.com/2025/02/it-has-been-long-time.html

The euro has gained more than 10% against the dollar this year, rising to around $1.14 putting its currency-sensitive export machine under further stress even before the tariffs wars have played out. 

It’s not as rampant as the indomitable Swiss franc, but further gains are likely which will further subdue growth and inflation

Negative rates are now part of the central bank toolbox, albeit a measure that policymakers will be reluctant to implement. 

As the world’s central banks discovered to their cost just a few short years ago, once consumer prices start to decline it can be awfully hard to revive the animal spirits need to keep growth purring along.

Marcus Ashworth Bloomberg 9 June 2025 

https://www.bloomberg.com/opinion/articles/2025-06-09/negative-swiss-rates-send-a-warning-to-europe

Animal Spirits: Meaning, Definition in Finance, and Examples

Animal Spirits heter på mäklarspråk Sentiment

https://englundmacro.blogspot.com/2025/05/mmtre.html

Under 10 års tid var det nästan gratis att låna i Sverige

https://englundmacro.blogspot.com/2024/10/under-10-ars-tid-var-det-nastan-gratis.html