Europe wakes up and smells the depression

The ECB’s discussion of negative interest rates, intended to stimulate bank lending, is a long overdue acknowledgement of the depths of Europe’s pain.

The European Central Bank did it. It cut interest rates from 0.75 per cent to 0.5 per cent in a move that was generally anticipated by the market, even though the run of economic news for the past year made such action long overdue.

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