WSJ: FRANKFURT–The European Central Bank is “seriously” considering taking its rate on overnight bank deposits into negative territory, a top member of its executive board said Wednesday, adding to mounting speculation that the central bank will act at its next policy meeting to keep the tepid euro-zone economy on track.
“[Negative rates] is something we are considering very seriously,” Benoît Coeuré, ECB executive board member, told news agency Reuters in an interview, adding that it is “a very possible option.”
The ECB confirmed Mr. Coeuré’s remarks.
More details of the plan were released today. Evidently, owners of Mercedes Benz autos would be required to drive backwards to the factory and have their cars disassembled, putting the parts back into inventory.
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