Summary of The Negative Rates Club

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Quantitative easing and ultralow interest rates have been the weapons of choice for central bankers looking to spur recovery and growth. Yet the approach hasn’t been an unqualified success, according to Daniel Gros, director of the Centre for European Policy Studies. He offers a fresh perspective on why some countries have managed to recover while others remain in idle mode. getAbstract suggests this succinct report on a fairly complex subject to those who want a short introduction to the implications of monetary easing and negative interest rates.

About the Author

Daniel Gros is the director of the Centre for European Policy Studies.



The central banks of the United Kingdom, the United States, the euro zone and Japan have used quantitative easing and low interest rates to spark growth and fend off deflation. Yet their respective areas’ economic performances have differed, leading the US and the UK to move away from monetary easing toward raising interest rates. As debtor nations with large current account deficits, their economies have benefited from zero interest rates.

The euro-zone and Japanese economies, alas, have stagnated; quantitative easing hasn’t helped these creditors, which are running current...

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