Disliked{quote} As you can see the ECB was never at the lower bound during the crisis.Ignored
Also, here :
http://www.ecb.europa.eu/stats/monet.../index.en.html
Even though, lets see for the sake of argument: Yes, negative interest rates were not applicable due to x amount of reasons ... can you compare lower levels of industrial outputs/ inflation / whatever to the PIIGS crisis?! Again, the ECB hawks - what are they afraid of it so much, to consider such an extraordinary measure?
"It's the Margin, Stupid."