Deutsche Bank CEO warns ECB rate cut will have ‘grave side effects’
Few economists believe another cut at this level will help the economy, Christian Sewing said at a conference in Frankfurt
04 September 2019 - 17:41
Frankfurt — Europe’s top banking executives ratcheted up criticism of negative interest rates ahead of a key European Central Bank (ECB) meeting, warning of severe consequences to asset prices and the broader economy.
Deutsche Bank CEO Christian Sewing warned that more monetary easing by the ECB, as widely expected next week, will have “grave side effects” for a region that has already lived with negative interest rates for half a decade. UBS CEO Sergio Ermotti struck a similar note, arguing that negative rates are hurting social systems and savings rates...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.