Tough Times for German Savers: Who’s Responsible for Eurozone’s Negative Interest Rates?

Vitor Constâncio spent eight years as the vice president of the European Central Bank. In an interview, he explains why not him or outgoing ECB head Mario Draghi are to blame for negative interest rates in the eurozone.

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Author: Spiegel.de

Spiegel Online (SPON) is one of the most widely read German-language news websites. It was founded in 1994 as the online offshoot of the German news magazine, Der Spiegel, with a staff of journalists working independently of the magazine. Today, Spiegel Online is the most frequently quoted online media product in Germany. Spiegel Online International, a section featuring articles translated into English, was launched in autumn 2004.