Negative interest rates are last resort – BdF governor
Villeroy de Galhau outlines “order of operations” for deploying monetary policy tools
The European Central Bank views negative interest rates as a “last resort”, one of its board members has written.
In an article published on the ECB’s website on July 8, François Villeroy de Galhau pointed out some of the “virtually unnoticed” points of the bank’s strategy review.
“There is a whole ‘toolkit’ that can be deployed before resorting to negative interest rates: the last resort when faced with deflationary risks up until 2021, and – let’s face it – undoubtedly the most poorly understood
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