In September, the council cut the rate banks pay to park money at the central bank to minus 0.5 percent from minus 0.4 percent. The negative interest rate is essentially a penalty on lenders that hoard cash. Until recently, the dissenters expressed their feelings discreetly, while Mr. Draghi insisted that key decisions by the central bank were backed by consensus. Mr. Draghi argued Thursday that the crisis measures had worked, and he offered assurances that the central bank would keep a close eye on the potential risks. “The improvements in the economy have more than offset the negative side effect from low rates,” he said.

Source: International New York Times October 24, 2019 11:53 UTC