Direct investment and external trade often go hand in hand. It is thus not surprising that there is a relatively close correlation between German foreign direct investment and German exports.11 Econometric studies confirm this.12 At year-end 2002, for example, almost 86% of German FDI went to industrial countries and just over 14% to reforming and developing countries.
I voted against both of these measures. As for the reason for my opposition to a negative interest rate in particular, I believe that the expansion of the monetary base and the introduction of a negative interest rate are essentially contradictory and their combination lacks sustainability.