And why has this particular debate only recently flared up? The answer lies in the wide concept of proportionality, which informs the banking debate. The demand for proportional banking regulation goes beyond the technical legal use of proportionality as a standard of judicial review!
•  Eliminating the ZLB Associated with Physical Currency: While the European experience suggests that interest rates can be pushed somewhat below zero, the existence of physical currency likely still limits how deeply interest rates can be pushed into negative territory.