The policy of negative interest rates applied by Central banks in Europe and Japan, influenced a quarter of the world’s GDP and affected more than 500 million people, came to the conclusion analysts of the international rating Agency Standard & Poor’s. In March, the European Central Bank (ECB) lowered the benchmark interest rate from 0.05 to 0%, the interest on loans from 0.3% to 0.25%, on deposits from minus 0.3 to minus 0.4%. Thus, the regulator expects to spur economic growth and accelerate inflation, which is still not acceptable to developed economies 2%. To the policy of negative rates had also adopted the Central banks of Denmark, Japan, Sweden and Switzerland. S&P warns of possibility of “feedback loops”, when negative interest rates provoked an increase of excessive risk and put pressure on the Central Bank, who in such conditions are forced to resort to more stimulus.

 

Photo: kapital.kz

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