Deutsche Boss: Negative Interest Rates Are ‘Fatal’

by Szu Ping Chan

Deutsche Bank’s chief executive has warned of the “fatal consequences” of the European Central Bank’s negative interest rate policy, which he said punished savers and could even undermine the recovery.

John Cryan said the ECB’s decision to cut its deposit rate to a record low of -0.4pc and an escalation of its bond buying programme was “working against the goals of strengthening the economy and making the European banking system safer.”

In an article for German newspaper Handelsblatt, he said: “Monetary policy is thwarting goals to strengthen the economy and to make banks safer by now”.

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