Rates, not roses

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The long goodbye to zeronomics and its implications for the private and public sector in the Eurozone.

2022 marked the end of the era of negative interest rates. But the turnaround has not yet reached all parts of the economy. While interest rates for new deposits and loans to households followed the lead of central banks – though at a great distance – the overall impact on outstanding amounts is hardly detectable: In the Eurozone, interest rates on deposits increased by 4bps in 2022 over 2021, but continued to decline on loans, albeit by a meagre 3bps.