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