Lagarde says ECB likely to abandon negative rates in September

Christine Lagarde
Christine Lagarde
Photo: ECB

The European Central Bank president Christine Lagarde signalled today (May 23) the central bank is likely to abandon negative interest rates in September.

The deposit rate has been at -0.5% since September 2019, and below 0% since June 2014. Over the previous decade, the ECB has combined rates at the zero lower bound with a set of asset purchase programmes in a bid to boost below-target inflation.

However, a set of supply and demand shocks unleashed by the pandemic, reinforced since February

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