Mario Draghi has hit back at German criticism of the European Central Bank’s interest rate policy, saying low borrowing costs were symptomatic of a glut in global savings for which Germany was partly to blame.
The ECB president’s argument on Monday is a new line of defence against strong objections from German politicians, bankers and the media over the ECB’s decision to lower its benchmark main refinancing rate to zero.
The ECB also has a deposit rate of minus 0.4 per cent, which works as a tax on lenders’ reserves held at the central bank.
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