Mass-selling German newspaper Bild on Friday accused European Central Bank Presi...
BERLIN - Mass-selling German newspaper Bild on Friday accused European Central Bank President Mario Draghi of “sucking dry” the bank accounts of Germany’s savers, a day after the ECB cut interest rates deeper into negative territory.
Hoping to kick-start economic activity nearly a decade after the euro zone’s debt crisis, the ECB on Thursday cut interest rates deeper into negative territory and promised bond purchases with no end-date to push borrowing costs even lower. Voicing Germans’ angst, Helmut Schleweis, president of Germany’s powerful savings banks association, said the ECB’s latest policy package “does more harm than good”.“Most contracts that customers have with their banks do not currently allow such penalty rates, so the problem is not acute,” Scholz said. “Banks’ boards are wise enough to grasp what they would trigger with such penalty rates.
Germans have long looked to the Bundesbank as a pillar of stability and guarantor of a stable currency.
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