There are “no limits” to how far central banks can ease monetary policy.
That's a recent declaration of both European Central Bank President Mario Draghi and Bank of Japan Governor Haruhiko Kuroda, who have joined their counterparts in Denmark, Sweden and Switzerland in embracing interest rates of less than zero.
In September 2014, when the ECB's deposit rate was minus 0.2 percent, Draghi was saying, “Now we are at the lower bound.” As recently as December, Kuroda said, “We don't think we should institute” negative rates.
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