Senior European bankers have warned the European Central Bank of the dangers of negative interest rates ahead of a widely anticipated cut at the bank’s policy meeting today.
The ECB is expected to cut its deposit rate by 10 basis points to minus 0.4 per cent as it takes further action in its struggle to lift low inflation and boost economic growth back to normal levels.
Commercial bank executives are alarmed by the crippling effect on profits of negative rates which they cannot pass on to customers, adding to concerns about the fragility of financial stability in some parts of the eurozone.
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