Negative interest rates – monetary policy crisis tool or the new normal?

in June 2014 the European Central Bank took the interest rate on its deposit facility into negative territory. Four further rate cuts followed – most recently in September this year. The financial markets – as well as the public at large – have now reached the conclusion that the euro area will have to live with negative interest rates for years to come.

What consequences will this have for businesses, savers and banks? What can be expected in the course of the ECB’s strategy review? Are minus rates a monetary policy crisis tool that needs to be managed especially sensitively? Or are they simply a new normal everyone will have to adjust to? And if so, exactly what adjustments are needed?

We want to discuss these and other questions with distinguished guests. You are cordially invited to join us at 5 pm on 25 November 2019 at Deutsche Bank AG in Frankfurt am Main.

Please bring your passport or ID card as proof of identity!


5 pm            Welcome

  • Dr. Christian Ossig, Chief Executive, Association of German Banks

5.05 pm        Panel discussion

  • Dr. Katrin Assenmacher, Head of Monetary Policy Strategy Devision, Directorate General Monetary Policy, European Central Bank
  • Professor Dr. Peter Bofinger, Chair for Monetary Policy and International Economics, University of Würzburg
  • James von Moltke, Chief Financial Officer, Deutsche Bank Aktiengesellschaft
  • Dr. Christian Thimann, CEO and Chairman of the Management Board, Athora Germany 

Moderator: Daniel Schäfer, Bloomberg 

6.10 pm        Questions from the audience

6.30 pm        Reception

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