If anyone can get a message to him, please tell him that, functionally, negative rates are just a tax on deposits that ultimately reduces spending/output/employment, much like the PSI did in Greece and whatever you want to call the ‘deposit confiscation tax’ in Cypress.

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>   (email exchange)
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>   This is a bit unexpected
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*DRAGHI SAYS ECB TECHNICALLY READY FOR NEGATIVE DEPOSIT RATES

*DRAGHI SAYS ECB TECHNICALLY READY FOR NEGATIVE DEPOSIT RATES

“on the deposit facility rate… we are technically ready. There are several unintended consequences that may stem from this measure. we will address and cope with these consequences if we decided to act. We will look at this with an open mind and stand ready to act if needed”