We Normally Think If You're Going To

If You Happen To Be The Only One With Negative Interest Rates, You Also Weaken Your Currency, Which Means You Make Your Exports More Competitive.

As A Whole, Investors Should Welcome Attempts To Safeguard The Integrity Of Markets. You Need Very Clear Rules Applied To Markets.

[when] The Market Is Trying To Get To Terms With, First, Lower Global Growth, Particularly Out Of Emerging Markets And China. And, Second, The Market Is Worried The Central Banks Have Run Out Of Ammunition. So Put These Two Things Together, And Then Investors Are Repricing The Market Lower.

The One Instrument That Has Relative Political Autonomy Is Monetary Policy. Central Banks Do Not Need To Go To Congress To Get Approval For An Interest Rate Hike.

The Theory Is That If You Take Interest Rates Negative, People Are Going To Say, "that's A Silly Game! I'm Not Going To Lend My Money To Governments Who Want Me To Pay Them. I Am Going To Go Into The Stock Market Where I Can Get Positive Returns!"