EFTA Document EFTA01388575

The limits of monetary policy .etfraTtat Eit1.7n I ?Ave, "N.) However, things get somewhat mossy when you think about the practicalities. So far, negative interest rates are only charged on balances of commercial banks with the central banks. Commercial banks have been reluctant to pass this cost on to their clients, so most of the private sector, including practically all individual savings accounts, is not charged. This, in turn, means two things. First, households are shielded, so lowe