'We will at some point return to positive interest rates,' says a Swiss central banker. 'I cannot tell you now when exactly.' A grand experiment in monetary policy is sputtering.
For five years, European nations have been trying to jump-start their ailing economies with what was supposed to be a radical, short-term remedy—negative interest rates.
Instead, central banks haven’t been able to wean their economies off them. Increasingly, they appear to be a permanent feature of the landscape. No major bank that introduced negative rates during Europe’s debt crisis has turned main policy rates positive again.Central banks are trying a radical approach to boost economic growth: negative interest rates. Watch how they work.
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