It is widely accepted that there is a 'zero bound' on interest rates and that this is a limit on the tool of monetary policy. But is this actually the case?
Denmark's central bank has cut deposit rates to minus 0.2% and there are suggestions that other Scandinavian countries may follow suit. If they can do it, why can't others? If the rate can be minus 0.2%, why can't it be minus 2%?