Interest rates in the euro zone could remain historically low for years, but the...
AMSTERDAM - Interest rates in the euro zone could remain historically low for years, but the European Central Bank’s ultra-loose monetary policy risks becoming counterproductive, ECB governing council member Klaas Knot said in an interview published on Monday.
“I do not have a crystal ball, but I cannot rule out that the current low interest rate environment could last another five years”, Knot told Dutch newspaper De Volkskrant. The Dutch central bank president said the current low rates lead to excessive risk taking among investors, while younger generations on the other hand might feel forced to keep increasing their savings.“And it is also an example of how our low interest rate policy may eventually shoot itself in the foot. If people start saving more in response to the low interest rates, this will add further downward pressure on inflation.
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