And they would do nothing to address the fundamental weaknesses in the Greek economy. In short, the path of easy answers leads to stagnation, decline and an over-burdening of the young and future generations. From what I see today, I trust that the Greek people know which path they need to take.
[1] As experience with negative interest rates was scant, the ECB proceeded cautiously over time, lowering the deposit facility rate (DFR) in small increments of 10 basis points, until it reached -0.5% in September 2019. While negative interest rates have, over time, become a standard instrument in the ECB’s toolkit, they remain controversial, both in central banking circles and academia.