There are two parts of the funds deposited by European commercial banks in the European Central Bank. Part of it is the statutory deposit reserve required by the supervision, and part of it is because banks have no money or are unwilling to spend it, so it is safer and more worry-free to put it in the central bank. But money lies in the central bank and cannot stimulate the economy without entering the real economy. So from 2065438+July 2002, the European Central Bank reduced the marginal deposit interest rate to zero.
The marginal deposit interest rate of -0. 1% means that commercial banks have to pay the interest rate of 0. 1% when they deposit money in the central bank, which is equivalent to the handling fee of 10 yuan for every deposit of100000 yuan, instead of the previous zero interest rate, not to mention the more common positive interest rate in other countries.
Extended information In real economic life, the concept of "negative interest rate" is often associated with inflation rate (CPI). When the deposit interest rate is lower than the inflation rate, if you put your money in the bank, you will find that wealth has not increased, but has shrunk with the rise of prices. Once the negative interest rate lasts too long, the result will be a serious mismatch between consumption and investment.
While analyzing the interest rate level of bank deposits, we should also see that in recent years, due to the intensified competition in the financial market, accelerated financial innovation, and changes in depositors' asset allocation habits, a large number of deposit substitution products have emerged, such as various bank wealth management products, Yu 'ebao and other "baby" products.
Therefore, the benefits obtained by various economic entities (including units and individuals) are not only the interest of bank deposits, but also the benefits of wealth management products or "baby" products. Therefore, in order to accurately judge "positive interest rate" or "negative interest rate", it is necessary to compare the yield of deposit substitute products with CPI.
People's Daily Online-European Central Bank opens QE in the era of negative interest rate or launches it before the end of this year.