Behind the ECB's smoke-and-mirror show

The ECB's introduction of negative interest rates has seen more controversial policy measures quietly slip under the radar.

When the European Central Bank announced its new policy measures last week, most of the commentary focused on the introduction of negative interest rates. From now on, commercial banks depositing funds with the ECB will have to pay a penalty for doing so. Admittedly, this is quite an unusual arrangement. However, it should have been a side story.

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